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Breaking News! Binny Bansal to remain on Flipkart board; to stay invested

These have been challenging times for my family and me, says Binny Bansal.

Rukmini Rao   New Delhi     Last Updated: November 13, 2018  | 20:19 IST
Breaking News! Binny Bansal to remain on Flipkart board; to stay invested

Binny Bansal, in an email to Flipkart employees after his resignation on Monday, said he will continue to be on the Flipkart board as one of the largest shareholders. He quit as Flipkart Group Chief Executive Officer (CEO) after an investigation into an alleged "serious personal misconduct".

Denying the allegations levelled against him, Binny wrote: "These have been challenging times for my family and me". However, the Flipkart co-founder did not elaborate on the nature of the allegation made against him or the alleged lapse on his part.

Earlier in a statement, Walmart Inc, which owns a majority stake in Flipkart, said: "His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct."

The US-based retail benemoth, which acquired the homegrown e-commerce giant in March for $16 billion, said: "Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough," it added. "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. Because of this, we have accepted his decision to resign," the statement added.

Walmart said Binny has been contemplating a transition for some time and that they were working together on a succession plan, which has now been accelerated. Meanwhile, after the surprise resignation of Binny Bansal, Kalyan Krishnamurthy would now handle the group business of Flipkart. He currently heads Flipkart's e-commerce platforms.

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