Flipkart CEO Binny Bansal quits after allegation of 'serious personal miscount'; Here is what Flipkart said!

Flipkart CEO Binny Bansal resigns: Bansal, who along with Sachin Bansal had co-founded the India's biggest online retailer Flipkart, "strongly denies the allegation", Walmart said in a statement.

Binny Bansal, who along with Sachin Bansal had co-founded India's biggest online retailer Flipkart

New Delhi:  Flipkart Group CEO Binny Bansal resigned following an allegation of 'serious personal miscount' on Tuesday. The firm's new parent Walmart said that has resigned as the CEO of Flipkart Group with immediate effect. The company also said that "Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated." Binny Bansal along with Sachin Bansal had co-founded India's biggest online retailer Flipkart. "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. "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.

Here is what Flipkart, Walmart said on Binny Bansal's resignation:

Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. 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. His decision follows an independent investigation done on behalf of the 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. 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. Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated. Going forward, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business. Ananth Narayanan will continue providing great leadership as 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. As we look ahead, we have full confidence in the strength and depth of leadership across the company. 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. (input from agencies)