Binny Bansal, the Chief Executive Officer and co-founder of Indian e-commerce giant Flipkart has resigned with immediate effect, Walmart Inc said in a regulatory filing today.
Talking about the reason for this resignation, a Walmart spokesperson said: “Binny’s decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct… He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.”
Also Read: 10 Rare Images That Show The Amazing Flipkart Journey
Bansal has strongly denied the allegations and after Bibby, Kalyan Krishnamurthy, who heads the company’s main Flipkart e-commerce operation, would act as the new CEO for a broader group of businesses including apparel websites Myntra and Jabong
Note that, Walmart had bought around 77 percent stake for $16 billion in the Indian e-commerce firm in May and this made Sachin Bansal leave the company as he wasn’t happy with a foreign company taking over Flipkart’s business. “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I will be watching and cheering from the outside,” Sachin Bansal had written in his farewell message. After the exit of Binny, Flipkart will never be the same.
While the statements from Walmart and Flipkart doesn’t reveal what exactly happened, what were the allegations and what sort of the personal misconduct was investigated, there is a talk all around that someone within the company had complained against Binny.
