Co-founder and CEO of Indian e-commerce giant Flipkart, Binny Bansal has resigned from the company. This announcement comes along the information about allegations of “serious personal misconduct” against Bansal. The parent company of Flipkart, Walmart has issued an official statement in response to the announcement. According to the statement, Walmart stated that Bansal’s decision comes right after an independent investigation to look into the allegations of misconduct. According to the statement Bansal “strongly denies” the allegations. In line with Bansal’s stand, the investigation “did not find” any evidence to support that original complaint.
However, Walmart added that the investigation did reveal “other lapses in judgment” surrounding the “lack of transparency”. The investigation revealed that Bansal was not transparent while responding to the situation which nudged Walmart to accept his resignation. The company also revealed that Bansal was thinking of “a transition for some time”. Flipkart and Walmart “have been working together on a” plan for succession which has now been accelerated. Talking about the future of Flipkart and its brands, Walmart revealed that Kalyan Krishnamurthy will continue as the CEO of the company which now includes Myntra and Jabong.
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Both Myntra and Jabong will continue to function as separate platforms under their parent company Flipkart. The CEO of both the companies, Ananth Narayanan will now report to Kalyan. Talking about Phone Pe, Sameer Nigam will continue as CEO of the digital payments platform.
Walmart revealed that both Kalyan and Sameer will not report to the Flipkart board. The company concluded the statement by adding that it has full confidence in the leadership across the company. This announcement came months after Sanchin Bansal, the other co-founder of the company left the company earlier this year.
