Flipkart Group CEO Binny Bansal on Tuesday stepped down from his position with immediate effect following the allegation of sexual misconduct which dates back a few years ago.
Flipkart Group CEO Binny Bansal on Tuesday stepped down from his position with immediate effect following the allegation of sexual misconduct which dates back a few years ago, Reuters reported quoting a person familiar with the matter. An investigation was initiated against Binny Bansal after the matter came to light in late July but the allegation was not corroborated.
Binny Bansal, who announced his decision to resign on Tuesday morning, denied the allegation. “In late July… an allegation came to us. It was a claim of sexual assault against Binny,” Reuters quoted the person as saying. “The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part,” the person added.
The person who made the allegation against Binny Bansal was a former associate at the e-commerce giant but was not with the company when the allegation was made, the news agency reported.
Here’s All You Need To Know
- Walmart in a statement on Tuesday evening announced that Binny Bansal has resigned as Flipkart Group CEO due to allegations of ‘serious personal misconduct’. They did not reveal the nature of the misconduct.
- The US-based retail giant, which acquired 77% shares of the Flipkart group in May this year for $16 billion, said that Binny Bansal has denied the allegation. It also added that the independent investigation into the matter could not corroborate the allegation but it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation.
- Following Walmart’s statement, reports emerged that the allegation was of sexual misconduct which dates back to a few years. Reuters reported that an allegation of sexual misconduct came to light in later July, following which an investigation was initiated.
- Binny Bansal has strongly denied the allegation, Flipkart said in a separate statement.
- Binny Bansal said in a letter to employees that he wanted to continue for a few more quarters to continue the transition after the deal with Walmart but personal events that have taken place in the recent past accelerated the decision.
- Binny Bansal said that he will continue to be a large shareholder in the company and will continue to serve as a member of the board.