Binny Bansal’s exit from Flipkart had been speculated even at the time the Walmart deal was being struck
Flipkart ‘s co-founder & group CEO, Binny Bansal is expected to leave the company with immediate effect, less than six months after Walmart Inc acquired majority ownership in the web retailer, people in the know of the development told ET. Bansal has confirmed the development. Bansal, had stayed on at Flipkart with his other co-founder Sachin Bansal, leaving the company at the time of the sale. It isn’t clear is Binny will hold his board seat on Flipkart post his stepping down. An official announcement from Walmart on Binny’s departure is expected today. A Walmart spokesperson did not comment on the development while text messages sent to Binny remained unanswered. Both the Bansals held around 5-6% each in Flipkart, with Sachin having sold his entire holding as part of the Walmart acquisition. Binny’s exit from Flipkart had been speculated at the time the Walmart deal was being struck but he was held back at the time. Flipkart and Walmart has provided the below statement: 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. His 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. 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. Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated. 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 business. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board. 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. Developing story. More updates to follow
