Here’s What Binny Bansal Has to Say About His Flipkart Exit

“The allegations left me stunned and I strongly deny them,” Binny Bansal has said in a statement.

Flipkart's Chief Executive Officer Binny Bansal on Tuesday, 13 November, announced his resignation over a probe into an allegation of “serious personal misconduct”. However, according to Reuters, his resignation came over a sexual assault allegation from a few years ago.

Here is what Binny Bansal said about his exit:

I Strongly Deny the Allegations: Bansal

Bansal has denied the allegations saying they have “stunned” him, The Times of India reported quoting an e-mail sent by him to his employees.

“The allegations left me stunned and I strongly deny them. 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. I am concerned that this may become a distraction for the company and the team. In light of these circumstances, I feel it is best to step away as chairman and group CEO,” he said in the email.

He further said he was mulling moving out of the Walmart group.

“For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past,” he said.

He also said he will continue to be a large shareholder in the company and serve as a member of the board of directors.

Kalyan Krishnamurthy Continues as CEO

Kalyan Krishnamurthy will continue as the CEO of Flipkart, which will now include Myntra and Jabong.

According to Economic Times, Krishnamurthy lauded Bansal’s contribution to the company in a statement.

“A short while earlier, we announced that Binny Bansal has resigned from the company. We know what Binny has meant to the company as co-founder. But Flipkart, along with Group Companies Myntra, Jabong, and PhonePe — as leaders in their respective spaces — are today stronger than ever before to continue on their growth journey and expand the market,” Krishnamurthy has said.

“I take seriously the responsibility of leading our teams at Flipkart, Myntra and Jabong, and am looking forward to working with all of you. Flipkart’s leadership position today was possible due to years of hard work and collaboration between all stakeholders of the e-commerce ecosystem, particularly you, whose ingenuity and dedication have led us to become the market leader in India,” Krishnamurthy added.

Krishnamurthy further said there will be no change in the operating processes, or to the “mission of the company as a result of this news”.

“I am very confident in the ability of the Flipkart, Myntra and Jabong teams to keep guiding us to greater successes. Flipkart will continue to invest heavily in supply chain, innovation & technology, with a focus on optimizing ope rations, and empowering you all to deliver an exceptional customer experience.”

(With inputs from Reuters and The Times of India)