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Flipkart CEO Binny resigns, quits immediately

Flipkart CEO Binny resigns, quits immediately

Sachin Bansal left the company shortly after the deal with Walmart. I look forward to seeing Flipkart scale greater heights in the coming years. I wasn't aware of it and I doubt if any persons were privy to it.

The joint statement issued by Walmart and Flipkart did not mention the nature of the misconduct or what was the complaint against the co-founder of Flipkart.

A media report in September had suggested that Walmart was considering replacing Binny Bansal. Would it not have been proper to ask Bansal to step aside until the investigations were over?

File image of Binny Bansal. Walmart's move was part of its strategy to concentrate its global business in promising countries like India and China and reduce its exposure to stagnant ones like Brazil, and outmaneuver Amazon.com. "Seeing (Binny Bansal resigning under such conditions) has taken away all the flavour of the big Flipkart acquisition", said another entrepreneur who runs a mid-stage startup.

Bansal didn't immediately respond to an email seeking comment on the assault allegation. "There is no official word on that about what that is and I won't speculate", he said. Could Binny be given a decent exit rather than an unsavoury resignation?

Walmart reports its quarterly results on Thursday and is likely to provide an update on its India business. "Perhaps, the American retail giant did not want the same and waited it out for some time before making this announcement", an investor said. 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 from Walmart also hinted at Bansal's plan of transition from his current role in the company. "That would be a "lack of judgment", the individual said. "It was a claim of sexual assault against Binny". But now, it seems that Walmart didn't want any of the co-founders. He is a man of few words, an introvert. Both Kalyan and Sameer will report directly into the board.




In a press release, Walmart announced this news.

"The investigation could not corroborate the allegation".

Binny has strongly denied the allegations.

Kalyan Krishnamurthy will continue to be CEO of Flipkart, Walmart said.

Binny Bansal, chief executive officer of Indian e-commerce firm Flipkart, poses at the company's headquarters in Bengaluru on July 7, 2017.

Binny Bansal, chief executive of India's biggest online retailer, Flipkart, has resigned following an investigation into his conduct. "Flipkart's leadership position today was possible due to the years of hard work and collaboration between all stakeholders of the e-commerce ecosystem, particularly you, whose ingenuity and dedication have led us to become the market leader in India", he said, while assuring the employees that there will be no more changes to the existing structure.