Flipkart co-founder and group chief executive officer (CEO) Binny Bansal on Tuesday resigned from the company with immediate effect. Flipkart is now controlled by Walmart Inc after the latter acquired 77 percent of Flipkart for $16 billion in May.
In a statement the company said that Bansal’s decision follows an independent investigation done on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct. Though Bansal has strongly denied the allegations.
“Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down,” the company said.
Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business.
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 Binny Bansal on Tuesday resigned from the company with immediate effect.){kind=link}