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Flipkart CEO resigns amid allegations of personal misconduct

 Flipkart Group Chief Executive Officer Binny Bansal on Tuesday resigned from his post of Chief Exececutive Officer amid an investigation into an allegation of “serious personal misconduct”. The news came from a statement released by Flipkart and Walmart Inc.

 

Walmart said officialy that Bansal resigned as a “recent event risked becoming a distraction”.

According to the statement released, an independent inquiry was conducted on behalf of Flipkart and Walmart inc. Bansal said that the allegation is totally false. Walmart bought Flipkart this year..

 

The statement said, “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.”

 

 

Who’s next?

 

According to the statement of Flipkart, Kalyan Krishnamurthy will now continue to be the chief executive officer of Flipkart, which will now include Myntra and Jabong. Ananth Narayan, who was the CEO of Myntra and Jabong, will report to Krishnamurthy.

 

 

Binny Bansal’s reaction:

 

According to a report by Business Standard, Binny Bansal emailed to Flipkart employees on Tuesday. In the mail, he said that the allegations are totally untrue and he was stunned by the allegations against him. And that it was best that he resigned in such a situation. Binny Bansal wrote, “These have been challenging times for my family and me. I am concerned that this may become a distraction for the company and the team. In light of these circumstances, I feel, it is best to step away as chairman and group CEO.”

 

According to a report by Moneycontrol, Bansal confirmed that he will sell his shares in the company and continue to be a large shareholder in the company. Binny also confirmed that he will continue to serve as a member of the Board of Directors.

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