Flipkart, the largest online store in India, has just seen the CEO and co-founder of his group of companies Binny Bansal resigns as a result of allegations of misconduct.
The news follows an independent investigation into Bansal's actions in the Walmart-owned company and his denial of the allegations. The details of the incident are rare; Walmart noted in a press release:
Although the investigation found no evidence to corroborate the complainant's claims against Binny, it revealed other misconceptions, including lack of transparency, about how Binny responded to the situation. For this reason, we accepted his decision to resign.
"The charges have left me stunned and I firmly deny them …
been hard times for my family and me. I'm afraid it can
become a distraction for the company and its team, "said Bansal in a letter to Flipkart employees
– Madhav Chanchani (@madhavchanchani) November 13, 2018
Flipkart CEO Kalyan Krishnamurthy will continue his current role as Head of the Traditional Online Store. The company was bought by Walmart in May for approximately $ 19 billion, making it the largest acquisition in the history of e-commerce worldwide.
It remains to be seen if more details on Bansal's misconduct will be revealed, and what it will mean for the company as it struggles to retain its edge on Amazon. one of the largest e-commerce markets in the world, expected to reach $ 200 billion by 2026.
What you need to know before choosing your first cryptocurrency wallet