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Flipkart Group CEO resigns after personal misconduct probe, Walmart says

A co-founder of Indian internet retailer Flipkart Online Services Pvt. Ltd. resigned Nov. 13 following an investigation into an allegation of serious personal misconduct, Walmart Inc. said.

Binny Bansal, CEO of the Flipkart Group, had stepped down with immediate effect.

According to the statement by Walmart, which in August acquired a majority stake in the online retailer, the investigation did not find evidence to corroborate a complainant's assertions against Bansal.

However, the independent probe found lapses in judgment, particularly a lack of transparency, related to how Bansal responded to the situation.

Bansal had denied the allegation but resigned as "recent events risked becoming a distraction," Walmart said.

"Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated," the Bentonville, Ark.-based retailer added.

Kalyan Krishnamurthy will continue as CEO of the Flipkart online retail business, which now will include online fashion retailer Myntra and Jabong.

Ananth Narayanan will remain as CEO of Myntra and Jabong and will report to Krishnamurthy. Sameer Nigam will continue to lead PhonePe as CEO. Krishnamurthy and Nigam will report directly to Walmart.

Walmart spent $16 billion to purchase a 77% stake in Flipkart Online Services. The remaining 23% is owned by shareholders including Microsoft Corp., Chinese internet services company Tencent Holdings Ltd., hedge fund sponsor Tiger Global Management LLC and Bansal.