Flipkart CEO Binny resigns, quits immediately

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

Flipkart's chief operating officer, Binny Bansal, has resigned from his role with immediate effect following an independent investigation into the allegations of "serious personal misconduct" against him. It did not provide details about the nature of the misconduct but said that Bansal had denied the allegations.

Walmart, which owns 77 percent stake in Flipkart, announced Bansal's resignation on Tuesday. He strongly denies the allegation.

Bansal added that these events relate to a claim of serious personal misconduct made against him, "which was uncorroborated after a thorough investigation completed by an independent law firm". "Because of this, we have accepted his decision to resign", Livemint quoted the statement from Walmart Inc.

This is published unedited from the PTI feed. "It did, however, surface a lack of transparency on Binny's part". I am concerned that this may become a distraction for the company and the team.

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. The company said Bansal had been contemplating a transition for some time.

Further, Bansal said, he will continue to be a large shareholder in the company and will continue to serve as a member of the Board of Directors.

Binny Bansal had co-founded Flipkart with his Indian Institute of Technology-Delhi batchmate Sachin Bansal a decade ago.

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. Flipkart even continued its lead in the recent annual sale season in October when both retailers made a big push with massive discounts and exclusive products. Both Kalyan and Sameer will report directly into the board. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong. "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", it says.

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