Binny Bansal has resigned as the group chief executive officer of the homegrown e-commerce giant, Flipkart, six months after it was acquired by the US retail behemoth Walmart.
Binny on Tuesday resigned following an allegation of 'serious personal misconduct', the firm's new parent Walmart said.
Binny Bansal, who along with Sachin Bansal had co-founded the India's biggest online retailer Flipkart, "strongly denies the allegation", Walmart said in a statement.
The statement said, Binny has resigned as the CEO of Flipkart Group with immediate effect.
"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.
"While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign," the statement read.
The statement said that Kalyan Krishnamurthy will continue as the CEO of Flipkart, which includes Myntra and Jabong operating as separate platforms within the Flipkart business.
Sachin Bansal had left the company following its $16 billion acquisition by Walmart in May.
