Flipkart chief executive Binny Bansal resigns after misconduct investigation
The chief executive of Indian online store Flipkart resigned today following an investigation into an allegation of “serious” personal misconduct.
Binny Bansal, who co-founded the online retailer in 2007, denies the allegation, but has stepped down as the company said the claim risked becoming a distraction.
Bansal’s departure comes after Flipkart carried out an independent investigation with Walmart, which bought a majority stake in the Indian company for $16bn (£12.4bn) in May.
The investigation did not find evidence to corroborate the allegation but "it did reveal other lapses in judgement, particularly a lack of transparency" about Bansal's reaction to the situation, the companies said.
“Because of this, we have accepted his decision to resign.”
Flipkart said it had already been preparing a successor to Bansal, who it said has been considering leaving the company for some time.
The company said these plans would now be accelerated, while fellow chief executive Kalyan Krishnamurthy will continue in his role.
Flipkart added: “As we look ahead, we have full confidence in the strength and depth of leadership across the company.
“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.”