Flipkart Group CEO Binny Bansal quits after allegations of misconduct

After allegations of personal misconduct, the Flipkart Group Chief Executive Officer (CEO) Binny Bansal decided to step down from his position. Thus, Kalyan Krishnamurthy will continue as the CEO of Flipkart whereas Ananth Narayanan will be the CEO of Myntra and Jabong

SHARE


In light of ‘serious personal misconduct’ allegations, Flipkart Group Chief Executive Officer (CEO) Binny Bansal decided to call it quits even though he denied the allegations. Bansal had also been investigated for the same and after the investigation, the 37-year-old entrepreneur decided to step down.

His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough,” Walmart Inc. said in a press statement.

In addition to that, Walmart stated that the investigation did not find any evidence to corroborate the complainant’s accusations against Bansal. However, they said that the investigation revealed about other lapses in the judgement, including a lack of transparency, regarding how Binny responded to the situation and so they accepted his resignation.

In the meantime, Kalyan Krishnamurthy will continue as the CEO of Flipkart including Myntra and Jabong whereas Ananth Narayanan will continue as the CEO of Myntra and Jabong, and report to Krishnamurthy.

With the resignation of Binny Bansal, this will be the exit of the co-founders from India’s largest online retailer. Earlier this year, Sachin Bansal had exited the company that he had found with Binny a decade ago, after selling his stake to Walmart.

RELATED TOPICS