Flipkart CEO Binny Bansal Resigns After Allegations Of 'Personal Misconduct'

Binny Bansal resigns from Flipkart

Binny Bansal resigns from Flipkart

While announcing Bansal's departure from the e-commerce company, the statement briefly acknowledged his contributions.

However, he said in the email that he was considering stepping away from an operating role at Flipkart for some time now, and that "certain personal events" that took place in the recent past accelerated his decision to step down. On Tuesday Flipkart confirmed that Binny, the lone Bansal at the top-spot at Flipkart had stepped down.

The inquiry did not find evidence to back up the allegation, but did "reveal other lapses in judgement". The Walmart-Flipkart statement said that Flipkart will now include Myntra and Jabong.

Myntra CEO Ananth Narayanan (in picture) will now report to Flipkart CEO Kalyan Krishnamurthy. "These have been challenging times for my family and me", Bansal wrote, according to Business Standard. Walmart has placed a huge bet on the unprofitable Flipkart unit, which the company has said will reduce earnings in coming years. "Best to step away as chairman and group CEO", said Bansal.

In a letter sent to Flipkart employees, which was seen by Reuters, Bansal did not give details of the nature of the accusations, but said he strongly denied them and that they were uncorroborated after an investigation completed by an independent law firm.

It is a different story that Sachin Bansal had to leave first rather unceremoniously as it was cited that the U.S. retail giant couldn't find an appropriate role for him.

Flipkart responded to a text message on questions on alleged sexual misconduct on part of Binny Bansal with the press statement that Walmart issued on Tuesday evening after Bansal's resignation. "Flipkart's leadership position today was possible due to years of hard work and collaboration between all stakeholders of the ecommerce ecosystem, particularly you, whose ingenuity and dedication have led us to become the market leader in India".

Since co-founding Flipkart with modest resources in 2007, the journey we have embarked on together has been arduous and rewarding, culminating with the fantastic news of our partnership with Walmart earlier this year.

Walmart seemed to have irked due to the fact that Binny Bansal hid this fact from them during and after negotiations; and the fact that some money was paid to the woman by Binny Bansal was also hidden. Both Kalyan and Sameer will report directly into the board. Flipkart CEO Kalyan Krishnamurthy also sought to reassure employees.

And Walmart, which had acquired Flipkart for $16 billion in May this year, had accepted his resignation as well.

Walmart added that an IPO for Flipkart remains an aspiration: "As we look ahead, we have full confidence in the strength and depth of leadership across the company".

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