Binny Bansal has resigned as CEO of Flipkart Group, Walmart’s recently acquired e-commerce business in India, effective immediately.
Bansal has been an important part of Flipkart since co-founding the company, but “recent events risked becoming a distraction and Binny has made a decision to step down,” according to Walmart.
His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of “serious personal misconduct.” Walmart noted that while Bansal strongly denies the allegation, and the investigation did not find evidence to corroborate the complainant’s assertions against Bansal, it did reveal other lapses in judgement, particularly a lack of transparency related to how Bansal responded to the situation.
The company stated that it had been working on a succession plan, which has now been accelerated. Going forward, 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 to Krishamurthy.
“As we look ahead, we have full confidence in the strength and depth of leadership across the company,” stated Walmart.