Flipkart Co-founder Binny Bansal Resigns as Walmart Investigates ‘Serious Personal Misconduct’ Allegations
Walmart noted in its statement that it “had a responsibility to ensure the investigation was deliberate and thorough.”
Binny Bansal, the Chief Executive Officer of the Flipkart Group, announced his resignation from the e-commerce company with immediate effect on Tuesday, November 13. Bansal’s resignation followed an investigation carried out by Walmart after allegations of “serious personal misconduct” were made against Bansal.
In its statement, Walmart, which acquired a majority stake in Flipkart earlier this year, said, “Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down.”
“His (Bansal’s) 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.”
Continuing, the statement mentioned, “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 details about the allegations against Bansal have not yet been revealed but that reports suggest that someone in the company had complained about Bansal’s conduct leading to the investigation.
Walmart also announced that Kalyan Krishnamurthy would remain the CEO of Flipkart. In its statement, the company added, “Going forward, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong.”
Bansal had co-founded Flipkart with his Indian Institute of Technology (IIT) Delhi classmate Sachin Bansal in 2007. Sachin Bansal had left the company earlier in August 2018 following Walmart’s acquisition of Flipkart.