Flipkart, the India-based e-commerce firm owned by Walmart, has lost its Group CEO Binny Bansal after he resigned from the company following an investigation into “serious personal misconduct.”
Bansal founded Flipkart in 2007 with Sachin Bansal (no relation) and he had served as its CEO since 2016, before going on to become CEO of the Flipkart Group — which spans its core e-commerce, fashion and payments divisions — one year later.
Walmart said in a statement that Bansal denied the allegation and that an investigation into it “did not find evidence to corroborate the complainant’s assertions.” 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.
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Flipkart CEO Binny Bansal resigns over allegations of ‘serious personal misconduct’