Flipkart co-founder Binny Bansal has resigned as the Flipkart’s group CEO, with immediate effect following an internal investigation conducted by both Flipkart and its parent firm, Walmart, into an allegation of “serious personal misconduct,” reported Economic Times
Bansal, an IIT Delhi graduate, has strongly denied the allegations.
“Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down,” Walmart said.
“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation,” the company further said in a media statement.
Post Binny's resignation, 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 into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.
In May this year, Walmart acquired a 77% stake in Flipkart group. After the acquisition, Binny assumed the role of chairman and continued as Group CEO. His 5.5% stake in Flipkart was valued at $1 billion after the acquisition
Following acquisition by Walmart Binny's other co-founder Sachin Bansal exited the the homegrown e-commerce firm by selling his entire stake of over 5 percent for around Rs 7,000 crore while Binny had retained his 5.5 percent stake.
Sachin and Binny Bansal (not related to each other) started Flipkart in 2007 with Rs 4 lakh, going door-to-door to deliver books.
In September 2015, Binnya long with Sachin Bansal, was named the 86th richest person in India with a net worth of $1.3 billion by Forbes India Rich List.
[Top Image - Recode.net]
Bansal, an IIT Delhi graduate, has strongly denied the allegations.
“Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down,” Walmart said.
“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation,” the company further said in a media statement.
Post Binny's resignation, 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 into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.
In May this year, Walmart acquired a 77% stake in Flipkart group. After the acquisition, Binny assumed the role of chairman and continued as Group CEO. His 5.5% stake in Flipkart was valued at $1 billion after the acquisition
Following acquisition by Walmart Binny's other co-founder Sachin Bansal exited the the homegrown e-commerce firm by selling his entire stake of over 5 percent for around Rs 7,000 crore while Binny had retained his 5.5 percent stake.
Sachin and Binny Bansal (not related to each other) started Flipkart in 2007 with Rs 4 lakh, going door-to-door to deliver books.
In September 2015, Binnya long with Sachin Bansal, was named the 86th richest person in India with a net worth of $1.3 billion by Forbes India Rich List.
[Top Image - Recode.net]
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