Binny Bansal steps down as Flipkart CEO after misconduct allegations

Binny Bansal

Binny Bansal

"The allegations left me stunned", said Bansal, who was chief executive of the Flipkart Group from January past year. "These have been challenging times for my family and me", Bansal wrote, according to Business Standard.

"Not much is going to change operationally for the company, but this will be a distraction for some time", said Meena. In light of these circumstances, I feel it is best to step away as Chairman and Group CEO, " he said in the email.

The website that began as an online bookstore now sells consumer goods ranging from soaps to smartphones and clothes and is the largest e-commerce player in an Indian e-commerce market that could be worth $200 billion within a decade.

Flipkart's release does not clarify on the 5.5% stake that Binny Bansal may still hold in Flipkart. The probe did not find evidence that suggested otherwise but found sufficient reasons linking to other inefficacies.

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"Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough", the statement said. While both Binny and Walmart are believed to have agreed to say nothing beyond their coordinated official statements, some old-timers at Flipkart feel the United States giant, which now owns 77% in the Bengaluru-headquartered company, has used an "old case" to assume total control of their new acquisition. In January 2017, Binny Bansal was named Group CEO. The deal valued the homegrown e-commerce company at more than $20 billion.

Bansal also lauded Walmart as a great partner saying that "he was optimistic about the future together".

On May 13 earlier this year, global retail giant Walmart bought 77 per cent in Flipkart for $16 billion, as it made an elephant-footed entry into India's exploding e-commerce market.

Sachin Bansal and Binny Bansal are the poster boys of India's start-up dream. Digital payments firm PhonePe, which is led by Sameer Nigam, is also part of the Flipkart group. "Both Kalyan and Sameer will report directly into the board", the company said. He has tendered resignation today and will reportedly leave the company with immediate effect.

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According to Walmart's filing with the SEC, Bansal was mulling stepping down from running the company for a while, but his decision was accelerated by the findings of the investigation. Bansal, 37, denies the allegations. Because of this, we have accepted his decision to resign.

Myntra CEO Ananth Narayanan (in picture) will now report to Flipkart CEO Kalyan Krishnamurthy.

"As we look ahead, we have full confidence in the strength and depth of leadership across the company".

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