Business

Binny Bansal Steps Down as CEO of Flipkart Group Bansal resigned over allegations of serious personal misconduct, a charge he has strongly denied

@anirbanroy

BINNY BANSAL, the CEO of Flipkart Group, has stepped down after an independent investigation by Flipkart and Walmart into an allegation of serious personal misconduct.

A statement issued by the company said that “while the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation.”

The statement elaborated that Binny has strongly denied the allegation but since the recent events risked becoming a distraction Binny has made a decision to step down.

The company also announced that Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong and continue to operate as separate platforms within the Flipkart business.

Ananth Narayanan will remain the CEO of Myntra and Jabong and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.

Earlier this year, Walmart had agreed to buy a 77% stake in India’s largest e-commerce marketplace Flipkart for nearly $16 billion, valuing the company at about $21 billion and making it the largest e-commerce acquisition till date.

Launched in 2007 by Sachin Bansal and Binny Bansal selling books online, Flipkart kicked off India’s move to the e-commerce world and by March this year had recorded a Gross Merchandise Value or GMV of $7.5 billion.

Flipkart co-founder Sachin Bansal had left the company during the acquisition, selling his entire stake to Walmart. Binny held 5-6% stake.

~ENDS~

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