Flipkart CEO quits over ‘misconduct’

New Delhi, November 13

Flipkart Group CEO and co-founder Binny Bansal on Tuesday resigned following a probe into an alleged “serious personal misconduct”, the firm’s new parent Walmart said.

Bansal, 37, has strongly denied the allegation, the American retail giant said.

His decision to step down follows an independent investigation done on behalf of Flipkart and Walmart, although the probe “did not find evidence to corroborate the complainant’s assertions against Binny”, it said. 

While the statement did not provide details of the “personal misconduct” allegations, sources indicated the complainant was associated with Flipkart a few years ago and is now running her own venture. This could not be independently ascertained. 

The statement pointed out that the “deliberate and thorough” investigation “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.” — PTI

• Binny Bansal was serving as Group CEO after Walmart’s $16 billion investment in Bengaluru-based company. “Stunned”, he said he will continue to remain large shareholder, board member
• Sachin Bansal, the other co-founder, had left Flipkart after selling his 5.5% stake