Flipkart co-founder Binny Bansal steps down as CEO

Binny Bansal has announced his resignation as CEO of Flipkart Group, effective immediately. Though being an important part of Flipkart since co-founding the company, but owing to the recent events Binny has made a decision to step down.

However, his decision to leave the company follows an independent investigation on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct. Though he strongly denies the allegation. 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. This is why the company has accepted the resignation.

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 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.

In a blog post, Flipkart said:

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.