The Hush Post| 18:02 | two-minute-read
The second co-founder of original Flipkart, Binny Bansal has resigned from the company. The Flipkart Group CEO Binny Bansal resigned allegedly following a probe into “serious personal misconduct.”
Walmart in a press release said the “independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct” found nothing amiss or anything improper by Binny. However, Binny is still leaving because the whole thing became “distracting.”
“Binny’s decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct… He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough,” said a Walmart spokesperson.
At the same time, Walmart statement notes that the investigation did find “lapses in judgment.” It says, “While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign.”
Walmart said that “going forward, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart.”
The Walmart and Flipkart statement doesn’t talk about what exactly happened, what were the allegations and what sort of the personal misconduct was investigated, there is talk that someone within the company had complained against Binny.
Now both original founders of Flipkart Sachin and Binny are no longer part of the company. Sachin had left the company after the Walmart deal as Walmart favoured making Binny the CEO and sidelined Sachin completely.
Shortly after Walmart announced the acquisition, Bansal talked about his leaving the company in a Facebook post. However, the post didn’t detail out the reasons for his quitting.