Business

Flipkart CEO Binny Bansal Steps Down After Sexual Misconduct Allegation

JAVED SAIFI | 0
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| November 14 , 2018 , 17:05 IST

Flipkart co-founder and Chief Executive Officer (CEO) Binny Bansal resigned on Tuesday after an independent investigation into an allegation of serious personal misconduct.

Bansal told investigators that he had a consensual relationship with the woman but had not assaulted her.

The investigation was done on behalf of Flipkart and Walmart after a former Flipkart employee alleged that she was sexually harassed by Bansal sometime around 2016.

Bansal was quoted as saying, “These events relate to a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation completed by an independent law firm. The allegations left me stunned and I strongly deny them.”

Also Read: Walmart Completes Acquisition Of 77% Stake In Flipkart

In a press release company said, "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," the statement reads.

As Bansal has resigned 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.