The co-founder and chief executive officer (CEO)of e-commerce company Flipkart, Binny Bansal resigned on Tuesday after an independent probe into an allegation of serious personal misconduct against him.
While Walmart did not specify the exact nature of the charges against Bansal, but sources said that the development is related to a complaint from a female colleague a few months ago.
“Binny 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,” Walmart said in a statement.
“His 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,” the statement added.
While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign,” the statement said.
Kalyan Krishnamurthy will continue to be the CEO of Flipkart group entities, which now include Myntra and Jabong. The two will continue to operate as separate platforms within the Flipkart business.