Flipkart Group CEO Binny Bansal resigns after 'serious personal' misconduct probe

Binny Bansal Group Chief Executive Officer of India's largest e-commerce firm Flipkart poses at the company's headquarters in Bengaluru

Binny Bansal Group Chief Executive Officer of India's largest e-commerce firm Flipkart poses at the company's headquarters in Bengaluru

Flipkart co-founder Binny Bansal has resigned as the Chief Executive Officer (CEO) of the company over allegations of serious personal misconduct, US-based retail giant Walmart said on Tuesday.

A person familiar with the matter told Reuters, "In late July ... an allegation came to us". Binny, meanwhile, has spoken to the Economic Times.

The investigation, which was conducted on behalf of Flipkart and Walmart, did not find evidence corroborating the accuser's claims but did find Bansal to have made lapses in judgement, including a lack of transparency, in his response to the situation, the release said.

The exit of Binny over allegations of a "serious personal misconduct" comes as a surprise, even though there were murmurs that Binny would eventually have to call it quits after Walmart took over Flipkart. "He strongly denies the allegation", it noted.

Their statement added: "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". Digital payments firm PhonePe, which is led by Sameer Nigam, is also part of the Flipkart group. Ananth Narayanan, who is the CEO of Myntra and Jabong, will continue in those roles and will now report to Krishnamurthy.

Liverpool striker Sturridge baffled by FA betting misconduct charge
The Liverpool and England forward has until Tuesday November 20 to respond to the alleged breach in regulations. He is now fourth in the pecking order for Liverpool behind Sadio Mane, Mohamed Salah and Roberto Firmino.

Kalyan Krishnamurthy, who heads the company's main Flipkart e-commerce operation, would now act as chief executive for a broader group of businesses including apparel websites Myntra and Jabong, the company said.

While the Walmart and Flipkart statement doesn't talk about what exactly happened, what were the allegations and what sort of the personal misconduct was investigated, there is talk that someone within the company had complained against Binny. Sachin had left the company after the Walmart deal as Walmart favoured making Binny the CEO and sidelined Sachin completely. "Because of this, we have accepted his decision to resign", the statement added.

Flipkart, one of the great examples of India's rise in start-up arena, was founded by Binny and his friend Sachin Bansal.

Shortly after Walmart announced the acquisition in May this year, Bansal talked about his departure in a sad and rather cryptic Facebook post.

Recommended News

  • Marvel Comics Legend Stan Lee Dead at 95

    Marvel Comics Legend Stan Lee Dead at 95

    Almost all Marvel movies pay homage to Lee's wit and creativity by including him in cameo appearances. He sued the company in 2002 for royalties he said he was owed for the first "Spider-Man" movie.
    Pelicans down Raptors, end Toronto's flawless  home record

    Pelicans down Raptors, end Toronto's flawless home record

    The Pelicans were without a pair of starters in point guard Elfrid Payton and forward Nikola Mirotic , both with sprained ankles. Tonight, Siakam was still a bright spot on an otherwise tough showing from the Raptors . "They did everything better than us".
    Lorde Accuses Kanye West & Kid Cudi Of Stealing Her Stage Design!

    Lorde Accuses Kanye West & Kid Cudi Of Stealing Her Stage Design!

    Lorde is clearly referencing Kanye's latest stage set for his Kids See Ghosts tour with Kid Cudi . West tweeted about the performance on Monday, though he didn't reference Lorde's criticisms.
  • Kim Kardashian and Kanye West Hire Private Firefighters To Stop Wildfires

    While the area was evacuated, they sent their private firefighters in with hoses and tools to dig ditches for a fire break. Kim , Kanye and their kids, North, Saint and Chicago stayed in a hotel nearby during their evacuation.
    Cheryl: My face has 'changed' since having son Bear

    Cheryl: My face has 'changed' since having son Bear

    Motherhood hasn't just changed her physically, but emotionally, as she says she's "found the man of my dreams" in her infant son. However, despite fans' rabid questioning about if she has had anything done, it won't be bothering Chezza.
    Putin says had good conversation with Trump in Paris

    Putin says had good conversation with Trump in Paris

    Trump canceled a visit to the military cemetery at Belleau, site of a major World War I battle about 50 miles from Paris . For European observers, the commemoration was a somber event - and not exclusively because of the dead it honoured.
  • U.N. watchdog says Iran abiding by 2015 nuclear deal

    U.N. watchdog says Iran abiding by 2015 nuclear deal

    The other signatories to the deal - Germany, Britain, France, Russia and China - are continuing to try and make it work. The International Atomic Energy Agency will issue its latest quarterly assessment Monday.
    Intelligence agencies investigating motives of Bourke Street attacker, says Dutton

    Intelligence agencies investigating motives of Bourke Street attacker, says Dutton

    Hassan Khalif Shire Ali (pictured), who carried out the lone attack on Friday afternoon on Bourke St which shocked the nation, was known to ASIO officials.
    Nets' LeVert sustains apparent severe right leg injury

    Nets' LeVert sustains apparent severe right leg injury

    LeVert was racing back to try to block a shot with 3.7 seconds remaining and his leg bent awkwardly when he landed. The Nets termed it a right leg injury and said LeVert has been taken to a hospital for further evaluation.
  • Faithful dog waits for 80 days by Chinese road where owner died

    Faithful dog waits for 80 days by Chinese road where owner died

    Since the accident, the canine has been waiting for its owner every day, according to a news platform in China , Pear Video . A faithful dog has been waiting for more than 80 days by a busy Chinese highway after its owner died there.
    Judge: Sides in Florida recount should ‘ramp down’ rhetoric

    Judge: Sides in Florida recount should ‘ramp down’ rhetoric

    Florida law states that if a county fails to turn in its recount totals by the deadline, the results already on file will be used. Angry protesters gathered at an elections office in Broward County on Saturday, waving signs and shouting with bullhorns.
    Amazon to announce Long Island City, Northern Virginia as HQ2 locations

    Amazon to announce Long Island City, Northern Virginia as HQ2 locations

    The Wall Street Journal , quoting people familiar with the negotiations, reported the imminent announcement Monday night. FBN's Tracee Carrasco on reports Amazon is planning to split its second headquarters evenly between two locations.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.