Flipkart CEO Binny Bansal Resigns after Allegation of Misconduct

After an allegation brought upon the Group Chief Executive Officer of Flipkart; Binny Bansal said that he quits his position. Binny Bansal has resigned from his post post-investigation of an alleged “serious personal misconduct”.

In a press Statement, Walmart Inc. stated that Bansal’s decision of resignation follows an independent investigation upon the allegation. Walmart also commented that, “He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.”

As per Walmart’s statement, the investigation did not find any kind of concrete evidence upon the allegation brought upon Bansal yet, but there was a revelation of lapses in judgment in Bansal’s part and also some lack in transparency in the dealing with the situation. This is why they have readily accepted Bansal’s resignation.

However, the statement presented by Walmart Inc. did not reveal any details of the so-called allegation.

Kalyan Krishnamurthy will now continue in the post of CEO of Flipkart, which also includes Myntra and Jabong. Ananth Narayanan will handle the post of CEO of Myntra and Jabong, under Krishnamurthy.

An internal letter circulated within the staff reveals that Bansal wanted to continue for a few more quarters but the set of personal issues had accelerated his decision of quitting as he did not want to hamper the team and the company’s concentration on work.

Bansal’s resignation also ends the era of the co-founders of this largest retail store over the web as Sachin Bansal had also sold his stake in the share to Walmart earlier this year.

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