Binny Bansal quits: This is why Flipkart CEO resigned; 8 points to note
To the surprise of the corporate world, tech savvy billionaire and one of the biggest success stories to emerge from the new India economy, e-commerce major Flipkart co-founder Binny Bansal has quit as group chief executive officer over allegations of "serious personal misconduct". This was revealed by new owner of Flipkart, Walmart Inc on Tuesday. Bansal, 37, has denied any wrongdoing, Walmart said in a statement. Bansal had co-founded Flipkart with his IIT-Delhi batchmate Sachin Bansal in 2007. Sachin quit following Flipkart's USD 16-billion acquisition by US retail giant Walmart in May, 2018. Here are 10 power points to note about why Flipkart CEO Binny Bansal resigned from Flipkart:
"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," Walmart said in its statement. Image source: Twitter