Flipkart, India’s largest ecommerce company, sparked a bidding war between U. S. giants Amazon and Walmart this year—the winning bid for a majority stake from the latter was an eye-popping $16 billion. Less than half a year later, its co-founder and CEO Binny Bansal has reportedly stepped down following an accusation of sexual assault.
Flipkart, India’s largest ecommerce company, sparked a bidding war between U. S. giants Amazon and Walmart this year—the winning bid for a majority stake from the latter was an eye-popping $16 billion. Less than half a year later, its co-founder and CEO Binny Bansal has reportedly stepped down following an accusation of sexual assault.
The allegation came from a former employee, and related to an incident some years back, according to Reuters. Bansal denies the claims, and a Walmart internal investigation could not “corroborate the complainant’s assertions,” according to an unusual SEC filing about the CEO’s departure (emphasis ours):
We’ve reached out to Walmart for information on what lapses in judgement in Bansal’s response are being referred to here and will update if we hear back.
Bansal’s role will be filled by Kalyan Krishnamurthy, who previously held a subordinate CEO position.
[ Reuters]
