Flipkart's co-founder and group CEO Binny Bansal resigned from his chair on Tuesday, after he was alleged of 'serious personal misconduct' and Flipkart, and its parent organisation Walmart, ran a joint investigation into it.
“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," the company's statement read.
Bansal, who has reportedly denied all allegations brought against him, decided to resign nevertheless.
Binny, along with Sachin Bansal, started Flipkart in 2007. While Sachin served as the CEO, Binny chaired the company as the COO. Binny took over as the CEO in 2016, after Sachin's terms with a number of investors allegedly deteriorated. Sachin eventually exited the company. After Binny's resignation, Flipkart will now function without either of its founders.
Kalyan Krishnamurthy, who presently heads Flipkart's e-commerce operation, will be the next CEO while Myntra and Jabong remain under him as well.
In February 2018, Walmart bought Flipkart for $16 billion, making it the world's biggest e-commerce deal so far. It now owns 77% of Flipkart.