Following Binny Bansal’s exit from Flipkart, Myntra CEO likely to resign

With Binny Bansal’s exit from Flipkart, another senior executive, Ananth Narayanan, who handles the company’s popular fashion platforms Jabong and Myntra, might also leave the company.

According to media reports, Ananth Narayanan might quit the company due to his personal rift with Kalyan Krishnamurthy, who is now the new CEO of Flipkart.

“If Ananth has to report Kalyan, he will also not stay for long because Kalyan already has Rishi Vasudev who manages fashion,” a person familiar with the development was quoted as saying by Moneycontrol.

In the meantime, Walmart said, “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.”

Flipkart co-founder and group chief executive officer (CEO) Binny Bansal on Tuesday resigned from the company. “Binny Bansal resigned following an internal probe into accusations of “serious personal misconduct,” Walmart said.

The misconduct accusations followed an allegation of sexual assault, two people familiar with the matter said. In a note sent to Flipkart employees, which was seen by Reuters, Bansal said recent events led him to step down from his role as chairman and CEO.

He said the events related to a claim of misconduct against him, “which was uncorroborated after a thorough investigation completed by an independent law firm.” Bansal did not give details of the nature of the claim. “The allegations left me stunned and I strongly deny them,” he wrote.

“The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation,” he said, without elaborating further.

Also Read: Flipkart co-founder Binny Bansal resigns, read here why?