The chief executive of Flipkart Group Binny Bansal has resigned following an independent investigation into an allegation of “serious personal misconduct.”
The Indian ecommerce platform’s boss has exited the business six months after Walmart acquired a 77% stake in the firm for $16bn (£12.4bn) – the grocery titan’s biggest ever deal.
Bansal’s resignation comes after an independent investigation on behalf of Flipkart and its parent company into the allegation made against him, which he denies.
A statement from 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.
“Because of this, we have accepted his decision to resign.”
Walmart added that Bansal had “been contemplating a transition for some time” prior to the investigation into these allegations, and that the succession plan for his role has been accelerated as a result of his resignation.
He will be succeeded by the current chief executive of Flipkart’s main ecommerce business Kalyan Krishnamurth, who will also assume responsibilities for its two subsidiary businesses Myntra and fashion retailer Jabong.
“As we look ahead, we have full confidence in the strength and depth of leadership across the company,” said Walmart.
“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.”
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