On November 13th, Wal-Mart announced today that its CEO of Flipkart, Binny Bansal, has resigned.
Previously, Bansal was accused of “serious personal misconduct”. Subsequently, Wal-Mart and Flipkart commissioned an independent agency to investigate this.
Today, Wal-Mart said in a statement: “Bansar decided to resign after the results of the independent investigation.” Wal-Mart also pointed out that Bansal has always firmly denied the allegation.
Wal-Mart also said in the statement: “In any case, we have the responsibility to ensure that the investigation is thorough and comprehensive. Although the investigation did not find evidence to substantiate the complainant’s allegations, it exposed some other judgments of Bansal. There was a lack of transparency in dealing with the incident. Because of this, we accepted his decision to resign.”
Flipkart is India’s largest E-Commerce platform. In May of this year, Wal-Mart acquired a 77% stake in Flipkart for $16 billion. The remaining shares are held by current investors, including Bansal, Tencent, Tiger Global and Microsoft.
In addition to serving as CEO, Bansal is also the co-founder of Flipkart. This time, the resignation of Bansal also means that the two co-founders of Flipkart have all withdrawn from the company. Prior to this, another co-founder, Sachin Bansal, sold his shares to Wal-Mart and left the company.