Flipkart CEO Binny Bansal quits after ‘misconduct allegations’

New Delhi: Following an internal investigation conducted by both Flipkart and its parent firm, Walmart, into an allegation of ‘serious personal misconduct’, Flipkart co-founder Binny Bansal has resigned as the company’s group CEO, the two firms said in a joint statement.

Bansal, 37, has strongly denied the allegations, the companies said in a statement. Bansal and his representatives could not be reached for comment. “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,” Walmart said.

“Because of this, we have accepted his decision to resign.”

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.

Walmart earlier this year agree to pay $16 billion for a roughly 77% stake in the Indian e-commerce firm, Amazon’s main rival for India’s 1.3 billion consumers.

(With inputs from agencies)