The CEO of Flipkart Binny Bansal has resigned his position from the Company. Flipkart is an India-based e-commerce firm owned by Walmart. The group CEO resigned from the company following an investigation into a “serious personal misconduct.”
Flipkart was founded by Binny Bansal in 2007 with Sachin Bansal and had served as its CEO since 2016 before becoming CEO of the Flipkart Group which comprises its core e-commerce, fashion and payments divisions.
Walmart said in a statement that investigation into the accusation did not find evidence to corroborate the complainant’s asserted. However, the retailer did uncover other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation, which is why it has accepted his resignation.
Although Walmart, Flipkart and Binny Bansal are not coming out with details on exactly what happened, Walmart cautioned that “recent events risked becoming a distraction.”