Binny Bansal, the co-founder and group CEO of India based e-commerce giant Flipkart has stepped down from the company with immediate effect. This step has been taken following an investigation into “serious personal misconduct.”
This move has come up in less than six months after Walmart acquired a majority ownership in the company. In an email to Flipkart employees, Bansal said these allegations has left him stunned and strongly denies them.
The latter founded Flipkart in 2007 with Sachin Bansal and he had served as its CEO since 2016, before going on to become CEO of the Flipkart Group.
“For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past,” he said.
With this resignation, there is no word on Bansal’s successor at this point. Walmart said that the existing leadership will remain in place. Binny had been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and he has made a decision to step down.