In light of recent allegations of “serious personal misconduct,” the co-founder and chief executive officer of Indian e-commerce company Flipkart Group has resigned, according to the owner of Walmart.
Binny Bansal, 37, immediately stepped down as Flipkart CEO following an investigations into the allegations, which he denies, Walmart said. The U.S. retail giant completed its $16 billion purchase of the Indian company in August in a deal that raised Bansal’s net worth to $1 billion.
“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation,” Walmart said in a statement.
Walmart did not reveal further details about the nature of the allegations.
“This has been an unfortunate and challenging situation for Binny, his family and Flipkart,” the e-commerce provider said in a separate internal note.
Kalyan Krishnamurthy, who has led the Flipkart unit since 2017, will take over by overseeing the two online fashion retailers Myntra and Jabong. Ananth Narayanan, who is the CEO of Myntra and Jabong will report to directly to the board.
Binny’s resignation is a blow for Walmart in India, where Flipkart sales rivaled Amazon.com.
By: Maytinee Kramer
