UPDATE 4-CEO of Walmart's India venture resigns after sexual assault accusation -source [Reuters (UK)]
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Source: Reuters
CEO of Walmart's India venture resigns after sexual assault accusation: source | Reuters 5 Min Read (Reuters) - The chief executive of Flipkart Group, Walmart Inc’s ( WMT.N ) Indian e-commerce business, resigned following an internal probe into accusations of “serious personal misconduct,” Walmart said Tuesday. The misconduct accusations followed an allegation of sexual assault, two people familiar with the matter said. The departure of Binny Bansal, 37, one of the co-founders of Bangalore-based Flipkart, could be a setback for Walmart’s efforts to compete with Amazon.com Inc ( AMZN.O ) in India’s huge consumer market. A tech-savvy billionaire, Bansal took over as CEO of Flipkart in 2016. He became the chairman and group CEO of the e-commerce company this year. Walmart paid $16 billion for a roughly 77-percent stake in Flipkart in May. The investment is the U.S. retailer’s biggest acquisition and was a major move in its efforts to compete against Amazon’s growing market share at h
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