Flipkart CEO Binny Bansal has resigned over serious personal misconduct allegations: Walmart

Update: Flipkart and Walmart have issued a statement which is reproduced below.

Flipkart and Walmart statement on Binny Bansal - v. 13, 2018

Earlier today, Binny Bansal anunced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding company, but recent events risked becoming a distraction and Binny has me a decision to step down.

His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies allegation. Neverless, we h a responsibility to ensure investigation was deliberate and thorough. While investigation did t find evidence to corroborate complainant’s assertions against Binny, it did reveal or lapses in judgement, particularly a lack of transparency, related to how Binny responded to situation. Because of this, we have accepted his decision to resign.

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

As we look ahe, we have full confidence in strength and depth of leership across company. We remain committed to investing for long-term and are supportive of leership team’s desire to evolve into a publicly-tred company in future.

Flipkart group CEO Binny Bansal has resigned over allegations of serious personal misconduct, Walmart, company's owner, has said, as per PTI.

Binny Bansal, who h co-founded Flipkart with his fellow IIT-Delhi alum Sachin Bansal (t related), h chosen to stay on in company after Walmart's blockbuster acquisition of Bengaluru-based Ecommerce giant earlier in 2018.

In initial years of Flipkart's rise, as company went about making online retail mainstream in country pioneering many invations that have helped it wear sustained competition from India-based rivals as well as US-based giant Amazon, Binny Bansal h been Chief Operating Officer while Sachin Bansal was CEO. As Sachin Bansal moved upstairs amid a markdown of Flipkart's valuation, Binny Bansal was appointed CEO. 

This is a developing story. Furr updates are awaited.