Walmart Inc. has handed over the entire control of the Flipkart group to Flipkart CEO Kalyan Krishnamurthy. Walmart has also announced that Myntra and Jabong, which till now, has been operating independently inside the Flipkart Group, will now be rolled into Flipkart’s core e-commerce business, by Krishnamurthy.
This development came into existence after the Flipkart co-founder and group chief executive Binny Bansal suddenly resigned from the company, due to an internal investigation into an allegation of “serious personal misconduct”.
According to Walmart, The investigation did not find any evidence to support the allegation that was made by the complainant. But it showed “lapses in judgement” on Binny Bansal’s part.
As per Reuters report, Binny Bansal in a letter to Flipkart employees strongly denied all allegations made against him He stated, “My plan was to continue in my current role for a few more quarters to continue transition after closing deal with Walmart… My decision to step down has been accelerated by certain personal events that have taken place in the recent past.”
Kalyan Krishnamurthy, a former Tiger Global Management executive, has been running the e-commerce firm since his return to Flipkart in June 2016. Walmart also said in a statement, that Myntra and Jabong CEO Ananth Narayanan will now report to Krishnamurthy.