In a latest development, Binny Bansal the CEO of Flipkart Group resigned due to allegations of personal misconduct. The co-founder of the company though denied the allegation but made a decision to step down. The decision was shared by Walmart in a stock exchange filing. While Walmart did not specify the exact nature of the charges against Bansal, a top source saidthat the development is related to a complaint from a female colleague a few months ago.
Independent investigations by Flipkart and Walmart though did not find any evidence, it reveals lapses in judgement related to Binny Bansal. Thus, the company have accepted his decision to resign. According to sources, the complaint had been made even before Walmart had acquired Flipkart. After the acquisition, the complainant reported the issue to Walmart which then set up an investigation committee.
Flipkart also said that Kalyan Krishnamurthy will continue to be the CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business. Ananth Narayanan will remain CEO of Myntra and Jabong and report into Krishnamurthy. Sameer Nigam will continue to lead PhonePe as CEO. Both Krishnamurthy and Nigam will report directly into the board.