New Delhi, Nov 13: Flipkart co-founder and group chief executive officer (CEO) Binny Bansal on Tuesday stepped down with the immediate effect.
Flipkart, which is now controlled by Walmart Inc after the latter bought 77 percent of Flipkart for $16 billion in May this year.
In a statement the firm said that Bansal’s decision follows an independent probe done on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct.
However, Bansal has refuted the allegations.
“Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down”, Walmart said.
“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,” it added.