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The co-founder and CEO of the e-commerce company Flipkart Group resigned after an investigation into allegations of "gross negligence on his person," said owner Walmart Inc.
Binny Bansal, 37 , resigned immediately after an independent investigation into the allegations, which the executive denies, Walmart said. The US retail giant has finalized its $ 16 billion purchase of the company in August under a $ 1 billion contract from Bansal's net worth.
"Although the investigation failed to find evidence corroborating the complainant's claims against Binny, it revealed further flaws in his judgment, in particular a lack of transparency, related to the manner in which Binny reacted to the situation, "Walmart said in a statement.
Walmart did not specify the nature of the allegations. "It's a regrettable and difficult situation for Binny, his family and Flipkart," said the e-commerce provider in a separate internal memo.
Kalyan Krishnamurthy, currently head of the Flipkart division, will report directly to the board of directors, says Walmart. The succession plan has now been accelerated, the company said, with Bansal considering a transition for some time.
Walmart's shares have changed little in pre-market transactions in New York.
This resignation is a blow to Walmart in India. , where Flipkart sales held up against its rival Amazon.com Inc. Flipkart even maintained its lead in the recent annual sales season in October, when both retailers made great efforts by offering mbadive discounts and bonuses. exclusive products.
'Same Way'
Bansal co-founded Flipkart in 2007. No later than in October, he had stated in an interview that he was still responsible for Flipkart and that he would remain at the head of the group after the Walmart acquisition.
"Both parties We are convinced that maintaining Flipkart independently is best," he told Bloomberg. "It's a board-driven business and decision-making is always exactly the same."
During his interview, he outlined Flipkart's strategy of capturing the next 100 million customers, including using indigenous languages, giving buyers greater access to credit, and launching cheap products. Private labels of Flipkart.
(With the exception of the title, this story has not been altered by NDTV staff and is published from a syndicated thread.)
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