Published: Вт, Ноября 13, 2018
Economy | By

Flipkart Group CEO Binny Bansal resigns with immediate effect

Flipkart Group CEO Binny Bansal resigns with immediate effect

Binny resigned from Flipkart, which is India's largest e-commerce company by market share, following an investigation by the parent company Walmart over the allegations of "serious personal misconduct". Following is the statement released by Walmart on Bansal's exit. "The allegations left me stunned and I strongly deny them", he said, without even disclosing the nature of these charges.

Bansal didn't immediately respond to an email seeking comment on the assault allegation.

United States 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.

These events relate to a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation completed by an independent law firm. "Because of this, we have accepted his decision to resign", Livemint quoted the statement from Walmart Inc.

Kalyan Krishnamurthy, chief executive of Flipkart, will continue in his role and assume new responsibilities in overseeing Myntra and Jabong, online fashion retailers owned by Flipkart. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong.

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In a country dominated by traditional family businesses, they started Flipkart in a two-room apartment, building it into India's first billion-dollar online retail company.

Binny Bansal had co-founded Flipkart with his Indian Institute of Technology-Delhi batchmate Sachin Bansal a decade ago. Both the Bansals held around 5-6% each in Flipkart, with Sachin having sold his entire holding as part of the Walmart acquisition. But, the news of the 37-year-old Flipkart Group CEO's exit came as a surprise to everyone, including the company employees.

One can't help but think of this as a conspiracy by Walmart to get the Flipkart co-founders out of the company, as the exits of both Sachin and Binny seem unusual.

In the first half of 2018, when Walmart paid an eye-catchy $16 billion for a enormous 77% stake in Flipkart, there were speculations that the "Unrelated Bansal Brothers" would be richer than Narayana Murthy, Nandan Nilekani, Krish Gopalakrishnan.

Walmart said it would continue to invest in the homegrown ecommerce company. "Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated". Both Mr Krishnamurthy and Mr Nigam will report directly to the board.

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