US retail giant Walmart on Tuesday said Binny Bansal, CEO of Flipkart Group, India's biggest ecommerce player that it acquired this May, has resigned from the position with immediate effect.
Here is the full text of Flipkart CEO, Binny Bansal's resignation.
Dear Flipkart Family,
Since co-founding Flipkart with modest resources in 2007, the journey we have embarked on together has been arduous and rewarding, culminating with the fantastic news of our partnership with Walmart earlier this year.
They have been great partners and I am optimistic about our future together.
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.
These events relate 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. 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, for which I am deeply sorry. In light of these circumstances, I feel it is best to step away as Chairman and Group CEO.
I will continue to be a large shareholder in the company and will continue to serve as a member of the Board of Directors.
I am convinced that the company is in great hands with our experienced leaders - Kalyan, Ananth and Sameer.
They have done an exceptional job running the businesses for many years now and with the support of Walmart that I have experienced, will continue to lead the company to even greater successes in the future.
Thank you for all the goodwill that you’ve shown towards me over the years. I’m grateful to have had the opportunity to help get us to where we are today. I look forward to seeing Flipkart scale greater heights in the coming years.
Thank you, Binny
First Published: IST