Flipkart Group CEO Binny Bansal Steps Down After ‘Allegation Of Serious Personal Misconduct’
Wednesday, November 14, 2018 IST
Flipkart Group Chief Executive Officer Binny Bansal quit following an investigation into alleged “serious personal misconduct” even as he denied the allegation.
“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct,” Walmart Inc. said in a press statement. “He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.”
Walmart said while the investigation “did not find evidence to corroborate the complainant’s assertions against Bansal, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign.”
The statement didn’t give details of the allegations against Bansal.
Kalyan Krishnamurthy will continue as the CEO of Flipkart, which will now include Myntra and Jabong, Walmart said. Ananth Narayanan will continue as the CEO of Myntra and Jabong and will report to Krishnamurthy.
Binny in an internal letter written to the staff and reviewed by BloombergQuint added that he wanted to continue for a “few more quarters” after closing the Walmart deal, but the decision to step down was accelerated after the “personal events”.
“These have been challenging times for my family and me. I am concerned that this may become distraction for the company and the team. In the light of these circumstances, I feel it is best to step away as Chairman and Group CEO,” Bansal wrote.
Bansal’s resignation marks the exit of co-founders from India’s largest online retailer. Sachin Bansal (not related to Binny) had exited the company they founded more than a decade ago after selling his stake to Walmart earlier this year.
Related Topics
Trending News & Articles
ALMATY: Hour upon hour, day upon day, Omir Bekali and other detainees in far western China's new indoctrination camps had to disavow the...
Recently posted . 228K views . 1 min read
If you have payed attention to the belly buttons of people on the beach or the members of your family, you have probably noticed that they have different shapes and...
Recently posted . 10K views . 2 min read
The Langya henipavirus has a place with a similar group of infections, including Nipah, which is known to kill up to 3/4 of people in extreme cases.
Recently posted . 7K views . 1 min read
The UK is 6th with admittance to 187 nations, while the US is seventh with a score of 186, China was set 69th with admittance to 80 nations, the most recent positio...
Recently posted . 6K views . 1 min read
More in National
Every Smart City will have a Smart City Centre (SCC) (i.e. Integrated Command and Control Centre). The SCC functions as a city’s nervous system where digital ...
Recently posted. 1K views . 2 min read
Ocean acidification refers to the process of our planet's oceans becoming more acidic due to the global increase in carbon dioxide emissions.
Recently posted. 1K views . 1 min read
One of China’s most famous landmarks, Heaven's Gate is located in the Tianmen Mountain National Park. The stunning rock arch is located at a breathtaking ...
Recently posted. 1K views . 2 min read
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 3K views
Recently posted . 2K views
Recently posted . 4K views . 140 min read
Recently posted . 4K views . 67 min read
If there was ever a time when we needed to bring our maximum energy to everyday life, it’s present-day. After all, when the World Health Organization – ...
Recently posted. 1K views . 2 min read
The Taurids are meteor showers that occur twice a year, in late June and late October or early November. The June meteors are the Betas.
Recently posted. 1K views . 1 min read