Flipkart Group CEO Binny Bansal resigns after ‘serious personal misconduct’ allegations

“Flipkart did not find any evidence against Binny Bansal but investigations revealed ‘lapses in judgement'”

Flipkart Group chief executive Binny Bansal has resigned from the e-commerce startup he and co-founded over a decade ago, the brand’s parent company Walmart announced. The official statement said Bansal’s resignation is effective immediately and was attributed to allegations of “serious personal misconduct.” However, it is not clear what the allegations against Bansal were or who made them. This marks the exit of both the co-founders from the company.

In its statement, Walmart said, “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.”

The statement goes on to say that while the investigation did not find evidence to corroborate the complainant’s assertions against Binny. However, it did reveal other lapses in judgement “particularly a lack of transparency, related to how Binny responded to the situation.”

With this, the company also announced restructuring of the group, which includes not just Flipkart but also units such as Jabong, Myntra, and PhonePe. Myntra and Jabong will continue to operate as separate platforms the former will be headed by Ananth Narayanan, while Kalyan Krishnamurthy will take charge of the latter in addition to his duties as Flipkart CEO. Sameer Nigam will continue to head PhonePe as chief executive of the unit. Krishnamurthy and Nigam will report to the board.

Flipkart was acquired by Walmart earlier this year in a $16 billion deal that saw the exit of Sachin Bansal, while Binny Bansal remained the group CEO.

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