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Flipkart CEO Binny Bansal during an interview in Bengaluru, India, in 2016.
Photo:
Namas Bhojani/Bloomberg News
Walmart
Inc.
said Tuesday that the chief executive of Flipkart Group, its Indian e-commerce business, has resigned following an independent investigation into alleged personal misconduct.
Binny Bansal, who was a co-founder of Flipkart, made the decision to step down after “recent events risked becoming a distraction,” the company said.
The investigation didn’t find evidence to corroborate complaints against him, but it revealed other poor judgment calls, particularly in how Mr. Bansal handled the situation, the company said.
Mr. Binsal has strongly denied the allegation, said Walmart, adding that Mr. Binsal has thought about leaving the role for some time.
Kalyan Krishnamurthy, who has led the Flipkart unit since 2017, will now oversee the two online fashion retailers Myntra and Jabong. Ananth Narayanan, who is the CEO of Myntra and Jabong will report to him.
Walmart purchased a 77% stake in Flipkart for $16 billion earlier this year, its largest ever acquisition, making the company a cornerstone of Walmart’s plans to remake its international portfolio.
Write to Kimberly Chin at [email protected]
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