Flipkart forces CEO Binny Bansal to resign after investigation into serious personal misconduct
Binny Bansal, chief executive officer of Walmart-owned Indian e-commerce brand Flipkart, has resigned from the company.
An independent investigation into serious personal misconduct by Flipkart and Walmart forces CEO Binny Bansal to resign
His move comes after an independent investigation into serious personal misconduct, according to a joint statement by Flipkart and Walmart.
In the meanwhile, 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 leadership as CEO of Myntra and Jabong, and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.
The statement said: "Binny strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough. 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. Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated.
"As we look ahead, we have full confidence in the strength and depth of leadership across the company. We remain committed to investing for the long-term and are supportive of the leadership team’s desire to evolve into a publicly-traded company in the future."