Walmart India venture Flipkart loses CEO Binny Bansal after misconduct probe
The head of Walmart's Indian venture Flipkart Group, Binny Bansal, has resigned following a probe into "serious personal misconduct", a shock to the US retailer's efforts to compete with Amazon in India's huge consumer market. Bansal, 37 and one of the most high profile of India's new generation of young, tech-savvy billionaires, had denied the allegations, Walmart said. Kalyan Krishnamurthy, who heads the company's main Flipkart e-commerce operation, would act as CE for a broader group of businesses including apparel websites Myntra and Jabong, the company said. Neither Bansal, who has been CEO of the Flipkart Group since January 2017, and his representatives could be reached for comment. "While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency related to how Binny responded to the situation," the company said. "Because of this, we have accepted his decision ...
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