India Markets open in 6 hrs 47 mins

Flipkart CEO Binny Bansal resigns after sex assault allegations: Full text of his email to Flipkart employees

1 / 1

Flipkart CEO Binny Bansal resigns after sex assault allegations: Full text of his email to Flipkart employees

Binny noted that the allegations meant he couldn't continue to be the Group CEO and hence was leaving Flipkart

Flipkart Group CEO Binny Bansal has resigned with immediate effect. The resignation of Binny, who is also the co-founder of Flipkart and who got the Group CEO's position after Flipkart was bought by Walmart earlier this year, comes after investigation into "personal misconduct" levelled against him. Interestingly, investigation apparently found nothing to substantiate allegations, that according to several reports including one by Reuters, were related to sex assault.

However, Binny noted that the allegations meant he couldn't continue to be the Group CEO and hence was leaving Flipkart. He has also said that he would continue to hold the Flipkart shares and would continue to be part of the board of directors. After his resignation, Binny also wrote an email to Flipkart employees. Here is the full text of that email:

---

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. 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