Flipkart top brass says all is well after founder Binny Bansal’s exit

The Flipkart board and top management went all out to assuage its employees that the online retailer continues to remain on its growth trajectory and expand in the Indian ecommerce market, after the company's co-founder Binny Bansal resigned earlier today.

Flipkart CEO Kalyan Krishnamurthy wrote in an email to Flipkart employees, "I wanted to personally let you know that there will be no changes in our operating processes, or to the mission of the company as a result of this news. I am very confident in the ability of the Flipkart, Myntra and Jabong teams to keep guiding us to greater successes."

The Flipkart board was also very clear on the future roadmap, following Group CEO Binny Bansal's resignation.

“Our board remains committed to investing for the long-term and supportive of the leadership team’s desire to evolve into a publicly-traded company in the future,” the board wrote in another letter to the employees.

“We have weathered many storms on our journey together over the last 10 years with many great successes and challenges along the way. The board has full confidence in the strength and depth of leadership across the company, anchored by the proven track record of success of Kalyan, Ananth, Sameer and the whole Flipkart team,” they added.

Following is the full letter sent by Flipkart CEO Kalyan Krishnamurthy to the company's employees.

Date: November 13, 2018

A short while earlier, we announced that Binny Bansal has resigned from the company. We know what Binny has meant to the company as co-founder. But Flipkart along with Group Companies Myntra, Jabong, and PhonePe -- as leaders in their respective spaces -- are today stronger than ever before to continue on their growth journey and expand the market. I take seriously the responsibility of leading our teams at Flipkart, Myntra and Jabong, and am looking forward to working with all of you.

Flipkart’s leadership position today was possible due to years of hard work and collaboration between all stakeholders of the e-commerce ecosystem, particularly you, whose ingenuity and dedication have led us to become the market leader in India. So, I wanted to personally let you know that there will be no changes in our operating processes, or to the mission of the company as a result of this news.

I am very confident in the ability of the Flipkart, Myntra and Jabong teams to keep guiding us to greater successes. Flipkart will continue to invest heavily in supply chain, innovation & technology, with a focus on optimizing operations, and empowering you all to deliver an exceptional customer experience. Our board remains committed to investing for the long-term and supportive of the leadership team’s desire to evolve into a publicly-traded company in the future.

For Flipkart to keep succeeding, it is crucial for our teams to thrive, and we will continue to do everything possible to ensure you are given the opportunity to do just that. Thank you for being such an integral part of our company. I look forward to working with you as we take e-commerce to the next wave of customers in India.

Kalyan

Here's the Flipkart board's letter to employees.

Date: November 13, 2018

Subject line – Leadership Change

Dear Flipkart Family,

We hope you have had a chance to read Binny’s note regarding his decision to resign as Group CEO of Flipkart. This has been an unfortunate and challenging situation for Binny, his family and Flipkart. While Binny has been an inspiring leader since he co-founded the company, the recent events risked becoming a distraction for the company and detracting from the strong momentum we are experiencing across our businesses.

Binny’s decision follows an independent investigation done on behalf of the company and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough. While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign.

Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated. Going forward, Kalyan Krishnamurthy, will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.

We have weathered many storms on our journey together over the last 10 years with many great successes and challenges along the way. The board has full confidence in the strength and depth of leadership across the company, anchored by the proven track record of success of Kalyan, Ananth, Sameer and the whole Flipkart team. We remain committed to investing for the long-term and supportive of the leadership team’s desire to evolve into a publicly-traded company in the future.

With gratitude,

The Flipkart Board of Directors