Flipkart CEO Binny Bansal quits after misconduct probe
Flipkart CEO Binny Bansal quits after misconduct probe
The CEO of the Indian e-commerce giant that Walmart bought a $16 billion stake in has resigned amid an allegation of personal misconduct
14 November, 2018, 08:07
In January 2017, he was promoted to group CEO of Flipkart. It did not provide details about the nature of the misconduct but said that Bansal had denied the allegations. In a note sent to Flipkart employees, which was seen by Reuters, Bansal said recent events led him to step down from his role as chairman and CEO. Bansal and his representatives could not be reached for comment.
Walmart wants to keep Myntra as a brand but it is still evaluating possibilities of integrating some roles between Myntra and Flipkart's fashion business and running the two more closely, they said.
Binny Bansal had made a decision to stay on as CEO of the Flipkart Group, but now, with his sudden "resignation", the legacy of Bansals end in Flipkart. The allegation was brought up in July by someone outside the company. "It was a claim of sexual assault against Binny", the source said, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation.
In May, Walmart agreed to buy a 77% stake in Flipkart for $16 billion. "It did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation".
The Walmart-Flipkart release does not clarify what the allegations were neither does it expand on the angle of "personal misconduct". "Flipkart badly needs "customer-driven mindset like Amazon" and "cost-driven execution like Walmart". Walmart is the largest shareholder in the Indian e-commerce firm.
USA retail giant Walmart on Tuesday said Binny Bansal, CEO of Flipkart Group, India's biggest ecommerce player that it acquired this May, has resigned from the position with immediate effect.
Kalyan Krishnamurthy, now chief of Flipkart's namesake division, will report directly to the board, Walmart said.
The departure of Bansal, 37, one of India's new generation of young, tech-savvy billionaires, is a setback for Walmart's efforts to compete with Amazon.com Inc in India's huge consumer market.
"In a statement issued by Walmart, the company said: ".Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Both Mr. Krishnamurthy and Mr. Nigam will report directly into the board.
In their press release, Walmart has said that Binny was thinking about a change for some time. "We remain committed to investing for the long-term and are supportive of the leadership team's desire to evolve into a publicly-traded company in the future", said Walmart.
With Binny also out now, both founders of Flipkart - Sachin and Binny - who were there before the Walmart deal are no longer working with the company.
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