Flipkart Group CEO Binny Bansal steps down over personal misconduct

Image via CNBC

A few months following Walmart’s acquisition of Flipkart, the Group Chief Executive Officer of the e-retail business, Binny Bansal, is departing the company, effective immediately. Bansal has resigned after a probe into allegations of "serious personal misconduct", though details about this misconduct remain unclear.

Walmart Incorporated said in a press statement:

"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."

Binny Bansal founded Flipkart in 2007 with Sachin Bansal and then had served as the CEO since 2016, before becoming the CEO of the Flipkart Group which covers its primary e-commerce, fashion and payments departments. Following the acquisition by Walmart, Flipkart co-founder Sachin Bansal exited the company by selling his whole stake of more than 5% for about INR 7,000 while Binny had retained his 5.5% stake.

Kalyan Krishnamurthy will now serve as the CEO of Flipkart, which will now include Myntra and Jabong.These will continue to function as independent platforms inside the Flipkart enterprise, with Ananth Narayanan serving as CEO of both.

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