Flipkart co-founder Binny Bansal resigns after probe into personal misconduct
Probe 'did not find evidence to corroborate complainant's assertions against Binny,' but there were judgment lapses
Flipkart Group CEO and co-founder Binny Bansal on Tuesday resigned following a probe into an alleged "serious personal misconduct", the firm's new parent Walmart said. Bansal, 37, has strongly denied the allegation, the American retail giant said in a statement.
His decision to step down follows an independent probe done on behalf of Flipkart and Walmart, even though it "did not find evidence to corroborate the complainant's assertions against Binny", it said. While the statement did not provide details of the "personal misconduct" allegations against Bansal, sources indicated that the complainant was associated with Flipkart a few years ago and is now running her own venture. This, however, could not be independently ascertained.
The statement pointed out that the "deliberate and thorough" investigation "did reveal other lapses in judgement, particularly lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign". Bansal's resignation as the CEO of Flipkart Group is with immediate effect. He was serving as the Group CEO after Walmart's mega $16 billion investment in the Bengaluru-based company.
Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within Flipkart, the statement said. Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Krishnamurthy.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Elections 2019: One Vote, One Want: What do India's youth voters want?