Flipkart Group CEO Binny Bansal resigns after allegations of ‘misconduct'

[Vikatakavi02]

Flipkart Group CEO Binny Bansal resigns after allegations of ‘misconduct’

Chief Executive Officer and co-founder of Walmart-owned Indian e-commerce firm Flipkart Group, Binny Bansal, has resigned effective immediately, Walmart Inc said in a regulatory filing on Tuesday.

Flipkart co-founder Binny Bansal has resigned as the company’s group CEO, following an internal investigation conducted by both Flipkart and its parent firm, Walmart, into an allegation of “serious personal misconduct,” the two companies said in a joint statement.

Bansal, 37, has strongly denied the allegations, the company said in a statement. Bansal and his representatives could not be reached for comment.

“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,” the company said.

“Because of this, we have accepted his decision to resign.”

Kalyan Krishnamurthy, who heads the company’s main Flipkart e-commerce operation, would now act as chief executive for a broader group of businesses including apparel websites Myntra and Jabong, the company said.

Walmart earlier this year agree to pay $16 billion for a roughly 77 percent stake in the Indian e-commerce firm, Amazon’s main rival for India’s 1.3 billion consumers.

It was the U.S. retailer’s largest-ever deal and a major move in its efforts to oppose Amazon at home and abroad.