Binny Bansal Steps Down | Misconduct Accusations Force Flipkart’s CEO To Resign
Walmart Indian venture Flipkart loses CEO after misbehavior probe.
The CEO and co-founder of Walmart’s Indian venture Flipkart Group, Binny Bansal, has stepped down following an investigation into serious personal misconduct, Walmart Inc reported in a regulatory filing on Tuesday.
Bansal has vehemently denied the accusations, the company said in a report. Bansal and his representatives kept themselves out of media sight and could not be reached for comment.
Binny Bansal Steps Down
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Kalyan Krishnamurthy will be the new CEO, he presently heads the company’s main Flipkart e-commerce operation. His role as the group’s Chief Executive would have him heading the broader group of businesses including apparel websites Myntra and Jabong.
Earlier this year Walmart bought 77% stake in Walmart at an equivalent of $16 billion. Flipkart, India’s premier e-commerce firm rules the online retail market share in a country with 1.3 billion consumers. Flipkart is the only formidable rival that Amazon has to reckon with in the Indian landscape.
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Source: reuters, ndtv, hindustan times
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