Flipkart Group Chief Executive Officer Binny Bansal quit following an investigation into alleged “serious personal misconduct” even as he denied the allegation.
“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct,” Walmart Inc. said in a press statement. “He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.”
Walmart said while the investigation “did not find evidence to corroborate the complainant’s assertions against Bansal, 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 didn’t give details of the allegations against Bansal.
Kalyan Krishnamurthy will continue as the CEO of Flipkart, which will now include Myntra and Jabong, Walmart said. Ananth Narayanan will continue as the CEO of Myntra and Jabong and will report to Krishnamurthy.
Bansal’s resignation marks the exit of co-founders from India’s largest online retailer. Sachin Bansal (not related to Binny) had exited the company they founded more than a decade ago after selling his stake to Walmart earlier this year.