Binny Bansal, co-founder of Flipkart, announced his resignation as the CEO of Flipkart Group, effective immediately.
Binny's decision to resign follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct, according to a statement from Flipkart and Walmart.
Bansal, on his part, has strongly denied the allegation. However, the company said it 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, the company said, it decided to accept his decision to resign because it revealed other lapses in judgment, particularly a lack of transparency, related to how he (Binny) responded to the situation.
The statement says, Binny has been contemplating a transition for some time now and the company has been working together on a succession plan, which has now been accelerated.
The new leadership
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 to Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly to the board.
As we look ahead, we have full confidence in the strength and depth of leadership across the company. 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, the statement said.