The Indian e-Commerce giant, Flipkart that was founded in 2007 grown by leaps and bounds in last few years. Early this year, Flipkart has been acquired by US retail company Walmart and that is when one of the founders Sachin Bansal exited the company.
Now, the Walmart-led company has announced that another co-founder Binny Bansal stepped down as CEO of Flipkart following some undisclosed allegations against him. A complaint was reportedly filed by a former employee of Flipkart in July this year, post which a law firm has conducted an inquiry into Bansal's involvement.
After Walmart stated that Binny will step down as Flipkart's CEO with immediate effect, Binny shot an email to the board and employees denying the allegations against him and stating that he'll continue to remain as large shareholder in the company. However, he cited 'certain personal events' has pushed him to take this decision and said: "Events related 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 debt them."
On Binny's exit, Walmart announced that Kalyan Krishnamurthy will be the new CEO of Flipkart group and as soon as he took over the new role, Kalyan wrote to employees: "The business will be as usual going forward. Flipkart's leadership position today was possible due to the years of hard work and collaboration between all stakeholders of the eCommerce ecosystem, particularly you, whose ingenuity and dedication have led us to become the market leader in India."