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Flipkart Group Chief Executive Officer and co-founder Binny Bansal resigned from Flipkart after allegations surfaced that he sexually assaulted a female worker in 2016. Bansal denies the allegation. (AP Photo / Aijaz Rahi) ASSOCIATED PRESS
Walmart announced today that Binny Bansal, CEO of Walmart's Indian e-commerce company Flipkart, had resigned after an internal investigation related to Bansal's personal conduct. Bansal is a co-founders of Bangalore-based Flipkart and is one of India's largest e-commerce players.
Bansal decided to step down after acknowledging in an email sent to employees within the context of "recent events risked becoming distracted," Walmart said Tuesday.
According to the Wall Street Journal, to form Flipkart employee came forward over the summer alleging Bansal had sexually assaulted her sometime around 2016, according to a person familiar with the matter.
Walmart interviewed Bansal who told investigators that he had a consensual relationship with the woman and denied he had assaulted her according to the story in the Wall Street Journal.
Bansal's e-mail to Flipkart associates also a denial:
These events relate to a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation by an independent law firm. The allegations left me stunned and I strongly deny them. "
Walmart revealed that its investigation into the sexual assault against Bansal could not be corroborated. However, the investigation uncovered what Walmart has done in the past and has not been able to do so.
Bansal had been "contemplating leaving the role and was working with the company on a succession plan."
Flipkart attempted to recruit me and I have extensive contacts within the company. Bansal was contemplating leaving the company. Just the opposite. Bansal was elated that Walmart had acquired Flipkart.
For the record. Bansal was an extremely popular CEO and many co-founder, Sachin Bansal (no relation), accomplished. Bansal's resignation is an understatement.
Once Bansal has become aware of the investigation, it has been decided that the best thing to do is to be successful.
The resignation of Bansal comes at a sensitive time for Walmart.
Walmart acquired a 77% stake in Flipkart in May 2018 for $ 16B after 20 months of discussions. The deal between Walmart and Flipkart is Walmart's largest-ever acquisition and the largest e-commerce acquisition ever on record. The importance of the deal could not have been lost on Bansal.
According to the Wall Street Journal report, Bansal failed to disclose the sexual assault allegation against him nor did Bansal inform Walmart that he had hired a private security team to make the matter go away.
Walmart also announced that Kalyan Krishnamurthy, who has led the Flipkart unit since 2017, will be overseeing the company's two Myntra and Jabong online fashion retailers. Ananth Narayanan, who is the CEO of Myntra and Jabong, will report to him.
A Key Center Of Learning
E-commerce is rapidly increasing in India. Amazon has invested billions in the market with plans to invest billions more throughout the decade. According to multiple sources, India's online retail sector was worth nearly $ 20 billion in 2017 and is estimated to reach $ 35 billion in sales by 2019.
Founded in 2007, Flipkart copied the Amazon by expanding the list of items and categories available to the Indian consumer. Even with a head start, Amazon was able to quickly take over from Flipkart.
Walmart acquired Flipkart due to the large population of India and potential future growth in online and offline retail.
Indian consumers are embracing e-commerce open markets with small, independently operated retail stores known as Kiranas, and wholesale retailers dominate India's retail landscape. Photographer: Sanjit Das / BloombergBLOOMBERG NEWS
Walmart CEO Doug McMillon stated:
"At Walmart, we're learning how to build – and how to partner to build – retail ecosystems around the world. India will now become a key center of learning for our entire company, "he said on a call with analysts following the announcement of the deal.
McMillan also revealed that he has a great deal of experience with Flipkart's capabilities in logistics, transportation and mobile payments.
Walmart COO Judith McKenna stated:
"Not only is it innovative, but they are doing a lot of work in the space, they are using their platforms, but they have been created through PhonePe.
All of these things we can learn from, and we will be able to find those around the world.
Whether or not the information is still available to other companies. Most retail analysts remain skeptical.
Regardless of my own reservations towards Walmart's acquisition of Flipkart, what I am sure of this – Walmart must place Marc Lore in charge of Flipkart. Although not easy, I am confident that Lore can remain CEO of Walmart eCommerce in the United States and become CEO of Flipkart.
Walmart runs the risk of diluting the learning potential from Flipkart by relegating Lore, arguably one of the most capable and intelligent e-commerce executives in the world, to focus on the United States.
I had similar discussions to this effect with executives and associates at Flipkart and all agreed that no executive at Flipkart can match Lore in vision or ability to relate to e-commerce strategy and operations. Lore is highly respected.
Retail analysts and strategy consultants Do not worry about maximizing the value of the Flipkart acquisition. From a common sense perspective, no one can argue that Lore is not Walmart's most experienced and visionary e-commerce leader.
Walmart has already visited misstep with Binny Bansal. Jeff Bezos has determined that Amazon will win in India. Walmart can not afford any more mistakes.
Walmart shareholders should demand that Walmart rethink its strategy in India. Walmart's board of directors should immediately ask Doug McMillon and Judith McKenna to explain their reasoning for not leveraging Marc Lore to his fullest potential.
There are crocodiles in India, big ones. A technique used by a crocodile to kill its prey is to drag an animal into deep water and drown it. Amazon is going to do everything in its power to drag Walmart to deep water in India. Flipkart must have a CEO skilled enough to grow the company while navigating the danger posed by Amazon.
I believe that person is Marc Lore.
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Flipkart Group Chief Executive Officer and co-founder Binny Bansal resigned from Flipkart after allegations surfaced that he sexually assaulted a female worker in 2016. Bansal denies the allegation. (AP Photo / Aijaz Rahi) ASSOCIATED PRESS
Walmart announced today that Binny Bansal, CEO of Walmart's Indian e-commerce company Flipkart, had resigned after an internal investigation related to Bansal's personal conduct. Bansal is a co-founders of Bangalore-based Flipkart and is one of India's largest e-commerce players.
Bansal decided to step down after acknowledging in an email sent to employees within the context of "recent events risked becoming distracted," Walmart said Tuesday.
According to the Wall Street Journal, to form Flipkart employee came forward over the summer alleging Bansal had sexually assaulted her sometime around 2016, according to a person familiar with the matter.
Walmart interviewed Bansal who told investigators that he had a consensual relationship with the woman and denied he had assaulted her according to the story in the Wall Street Journal.
Bansal's e-mail to Flipkart associates also a denial:
These events relate to a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation by an independent law firm. The allegations left me stunned and I strongly deny them. "
Walmart revealed that its investigation into the sexual assault against Bansal could not be corroborated. However, the investigation uncovered what Walmart has done in the past and has not been able to do so.
Bansal had been "contemplating leaving the role and was working with the company on a succession plan."
Flipkart attempted to recruit me and I have extensive contacts within the company. Bansal was contemplating leaving the company. Just the opposite. Bansal was elated that Walmart had acquired Flipkart.
For the record. Bansal was an extremely popular CEO and many co-founder, Sachin Bansal (no relation), accomplished. Bansal's resignation is an understatement.
Once Bansal has become aware of the investigation, it has been decided that the best thing to do is to be successful.
The resignation of Bansal comes at a sensitive time for Walmart.
Walmart acquired a 77% stake in Flipkart in May 2018 for $ 16B after 20 months of discussions. The deal between Walmart and Flipkart is Walmart's largest-ever acquisition and the largest e-commerce acquisition ever on record. The importance of the deal could not have been lost on Bansal.
According to the Wall Street Journal report, Bansal failed to disclose the sexual assault allegation against him nor did Bansal inform Walmart that he had hired a private security team to make the matter go away.
Walmart also announced that Kalyan Krishnamurthy, who has led the Flipkart unit since 2017, will be overseeing the company's two Myntra and Jabong online fashion retailers. Ananth Narayanan, who is the CEO of Myntra and Jabong, will report to him.
A Key Center Of Learning
E-commerce is rapidly increasing in India. Amazon has invested billions in the market with plans to invest billions more throughout the decade. According to multiple sources, India's online retail sector was worth nearly $ 20 billion in 2017 and is estimated to reach $ 35 billion in sales by 2019.
Founded in 2007, Flipkart copied the Amazon by expanding the list of items and categories available to the Indian consumer. Even with a head start, Amazon was able to quickly take over from Flipkart.
Walmart acquired Flipkart due to the large population of India and potential future growth in online and offline retail.
Indian consumers are embracing e-commerce open markets with small, independently operated retail stores known as Kiranas, and wholesale retailers dominate India's retail landscape. Photographer: Sanjit Das / BloombergBLOOMBERG NEWS
Walmart CEO Doug McMillon stated:
"At Walmart, we're learning how to build – and how to partner to build – retail ecosystems around the world. India will now become a key center of learning for our entire company, "he said on a call with analysts following the announcement of the deal.
McMillan also revealed that he has a great deal of experience with Flipkart's capabilities in logistics, transportation and mobile payments.
Walmart COO Judith McKenna stated:
"Not only is it innovative, but they are doing a lot of work in the space, they are using their platforms, but they have been created through PhonePe.
All of these things we can learn from, and we will be able to find those around the world.
Whether or not the information is still available to other companies. Most retail analysts remain skeptical.
Regardless of my own reservations towards Walmart's acquisition of Flipkart, what I am sure of this – Walmart must place Marc Lore in charge of Flipkart. Although not easy, I am confident that Lore can remain CEO of Walmart eCommerce in the United States and become CEO of Flipkart.
Walmart runs the risk of diluting the learning potential from Flipkart by relegating Lore, arguably one of the most capable and intelligent e-commerce executives in the world, to focus on the United States.
I had similar discussions to this effect with executives and associates at Flipkart and all agreed that no executive at Flipkart can match Lore in vision or ability to relate to e-commerce strategy and operations. Lore is highly respected.
Retail analysts and strategy consultants Do not worry about maximizing the value of the Flipkart acquisition. From a common sense perspective, no one can argue that Lore is not Walmart's most experienced and visionary e-commerce leader.
Walmart has already visited misstep with Binny Bansal. Jeff Bezos has determined that Amazon will win in India. Walmart can not afford any more mistakes.
Walmart shareholders should demand that Walmart rethink its strategy in India. Walmart's board of directors should immediately ask Doug McMillon and Judith McKenna to explain their reasoning for not leveraging Marc Lore to his fullest potential.
There are crocodiles in India, big ones. A technique used by a crocodile to kill its prey is to drag an animal into deep water and drown it. Amazon is going to do everything in its power to drag Walmart to deep water in India. Flipkart must have a CEO skilled enough to grow the company while navigating the danger posed by Amazon.
I believe that person is Marc Lore.
