Flipkart CEO Binny Bansal Resigns Due To Investigation

Flipkart Group CEO Binny Bansal resigns with immediate effect

Bansal has denied the allegations, but his resignation is confirmed. "This has been an unfortunate and challenging situation for Binny, his family and Flipkart", the e-commerce provider said in a separate internal note. Flipkart was a David in the world of e-commerce that would give a run to Goliaths like Amazon and Google.

Flipkart Group CEO Binny Bansal has resigned following "an allegation of serious personal misconduct", according to a press release.

"The allegations left me stunned and I strongly deny them".

Bansal added that these events relate to a claim of serious personal misconduct made against him, "which was uncorroborated after a thorough investigation completed by an independent law firm".

While Walmart did not specify the exact nature of the charges against Bansal, a top source told Moneycontrol that the development is related to a complaint from a female colleague a few months ago. This was later corroborated by other sources close to the company. The company accepted Mr Bansal's resignation, which takes effect immediately, the statement noted.

"The investigation could not corroborate the allegation". It isn't clear if Bansal will continue to be a shareholder.

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Email queries sent to Bansal, Walmart and Flipkart seeking further details did not elicit an immediate response.

Cut to 2018, Sachin and Binny, the unrelated Bansals are no more at the top spot of the company that they founded. Following is the statement released by Walmart on Bansal's exit. Kalyan became the CEO of Flipkart in January past year, mandated to turn around the company's fate against rival Amazon. Binny, meanwhile, has spoken to the Economic Times. "Flipkart badly needs "customer-driven mindset like Amazon" and "cost-driven execution like Walmart".

Its divisions include Flipkart, Myntra, Jabong and payments app PhonePe.

The next CEO, Kalyan Krishnamurthy, however has been reported to be a change-maker, ever since Sachin Bansal's big transformation exercise flopped in 2015.

His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. The probe did not find evidence that suggested otherwise but found sufficient reasons linking to other inefficacies. But Walmart expressed confidence in the leadership structure and says the transition was in the works for some time. Both Krishnamurthy and Nigam will report directly into the board.

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