Why is Binny Bansal quitting Flipkart?

The latest news is that Binny Bansal is quitting Flipkart, a company now taken over by Waltmart. With all good wishes Sachin and Binny had formed the company in 2007 and now both had quit the company for many different reasons. Binny resigned from Flipkart, following an investigation by the parent company Walmart over the allegations of "serious personal misconduct". The surprise announcement by Walmart followed an email from Binny, denying the allegations, and the company board confirming Flipkart CEO Kalyan Krishnamurthy's induction as the Flipkart Group's CEO. So is it a result of the #MeToo effect which fhas orced Binny Bansal to quit?

In a statement issued by Walmart, the company said that Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down. The sources said that the sexual misconduct was proved, though Walmart has not declared anything about it in public. I am sure that it was MeToo and sexual misconduct that was the reason for Bansal's ouster. Walmart wanted to maintain silence for some time as the acquisition process was going on. Post this nothing will happen and everything has been taken care of. Bansal has exited the company and the image of the company will remain intact.

Walmart's statement also pointed that the recent events "risked becoming a distraction for the company" and Binny had made a decision to step down. The statement pointed out that Binny had been contemplating a transition for some time and that the company (Walmart) had been working together on a succession plan, which has now been accelerated. But is this the way for Binny to exit? Hope the truth comes out very soon.

Kalyan Krishnamurthy will continue to be the CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business, the statement said.

Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Krishnamurthy. Sameer Nigam will continue to head PhonePe, Flipkart's payments unit, as CEO. Both Krishnamurthy and Nigam will report directly to the board, Walmart said. In an internal email, Krishnamurthy sought to assuage employee concerns stating that "there will be no changes in our operating processes, or to the mission of the company as a result of this news".

In an emotional email, Binny Bansal said that he was contemplating stepping down from his current role for a while, and that his current decision was accelerated by "certain personal events" that have taken place in the past. "Events related to a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation completed by an independent law firm. The allegations left me stunned and I strongly deny them," he said, without even disclosing the nature of these charges.

Binny further wrote, "The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation. These have been challenging times for my family and me." Binny said he would stay invested his 5.5 percent in Flipkart.

Walmart however did not disclose the nature of the allegations levelled against Binny Bansal. There was a complaint filed in July by one of the employees of Flipkart, following which an inquiry was conducted by an independent law firm at the behest of Flipkart board. Binny Bansal's to exit came as a surprise to everyone, including the company employees. They say that they can't believe that Binny can be involved in any of this, which could amount to personal misconduct.