Flipkart Group CEO Binny Bansal steps down
By Retail4Growth Bureau | November 14, 2018
Move attributed to allegation of misconduct, which he strongly denies.
Six months after Walmart bought Flipkart, the group Chief Executive Officer and co-founder Binny Bansal has resigned over alleged serious personal misconduct even as he strongly denies.
“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 said in a statement.
Walmart also said while the investigation did not find evidence to corroborate the complainant’s assertions against Binny, 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 company statement said.
However, Walmart did not reveal any details about the nature of the allegations against Bansal and what sort of personal misconduct was investigated in the statement.
Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, the US-based retail said. Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.
In May, Walmart acquired Flipkart for $16 billion, making it the world’s biggest ecommerce deal. Walmart owns around 77% stake in the Bengaluru based company. After the deal Sachin Bansal had exited the company.
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The appointment of the Ex Shoppers Stop MD is effective from November 2nd, 2018.