News: Binny Bansal steps down as Group CEO, Flipkart

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Binny Bansal steps down as Group CEO, Flipkart

He announced his resignation effective immediately, following an investigation into an allegation of 'serious personal misconduct'.
Binny  Bansal steps down as Group CEO, Flipkart

In a recent development, the current Group CEO and Co-Founder of e-commerce giant Flipkart has stepped down.  In a press statement, the US retailer mentioned that he has announced his resignation effective immediately, following an investigation into an allegation of serious personal misconduct. 

Informing about this development, Walmart said, “Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but 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. 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."

Binny Bansal has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated. Going forward, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.

It can be recalled that in May this year Walmart acquired a majority stake of 77 percent in the Indian e-retailer for a whopping 16 billion dollars.

Also read- Sachin Bansal quits Flipkart, Will sell his stake for $1 billion

Image Credit- Hindustan TImes

Topics: Movements, C-Suite

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