Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

BRIEF-Walmart Announces Binny Bansal's Resignation As CEO Of Flipkart

Published 2018-11-13, 06:59 a/m
Updated 2018-11-13, 07:00 a/m
© Reuters.  BRIEF-Walmart Announces Binny Bansal's Resignation As CEO Of Flipkart

Nov 13 (Reuters) - Walmart (NYSE:WMT) Inc WMT.N :

* SAYS EARLIER TODAY, BINNY BANSAL ANNOUNCED HIS RESIGNATION AS CEO OF FLIPKART GROUP, EFFECTIVE IMMEDIATELY

* SAYS RESIGNATION "DECISION FOLLOWS INDEPENDENT INVESTIGATION DONE ON BEHALF OF FLIPKART AND CO INTO AN ALLEGATION OF SERIOUS PERSONAL MISCONDUCT"

* SAYS BANSAL "STRONGLY DENIES ALLEGATION"

* SAYS INVESTIGATION DID NOT FIND EVIDENCE TO CORROBORATE COMPLAINANT'S ASSERTIONS AGAINST BINNY

* SAYS GOING FORWARD, KALYAN KRISHNAMURTHY WILL CONTINUE TO BE CEO OF FLIPKART

* SAYS INVESTIGATION REVEALED "OTHER LAPSES IN JUDGEMENT", PARTICULARLY A "LACK OF TRANSPARENCY", RELATED TO HOW BANSAL "RESPONDED TO SITUATION"

* SAYS ANANTH NARAYANAN TO CONTINUE PROVIDING LEADERSHIP AS CEO OF MYNTRA AND JABONG, AND WILL REPORT INTO KALYAN - SEC FILING

* SAYS SAMEER NIGAM WILL CONTINUE LEADING PHONEPE AS CEO

* SAYS BANSAL HAS BEEN "CONTEMPLATING A TRANSITION" FOR SOME TIME, COS BEEN WORKING TOGETHER ON SUCCESSION PLAN, WHICH HAS NOW BEEN ACCELERATED

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.