Binny Bansal
Walmart didn’t detail the nature of the allegations. “This has been an unfortunate and challenging situation for Binny, his family and Flipkart,” the e-commerce provider said in a separate internal note.
Kalyan Krishnamurthy, currently chief of the Flipkart division, a unit of Flipkart Group, will now report directly to the board, Walmart said. A succession plan is being accelerated, said the company, as Bansal had been contemplating a transition for some time.
Krishnamurthy joined Flipkart in 2013 as its interim chief financial officer and then took the lead in January 2017. He spent seven years in EBay Inc.’s Asia finance operations before joining Tiger Global as its finance director in 2011.
Walmart shares fell 1 percent in New York. The company is scheduled to report quarterly results on Thursday.
Bansal co-founded Flipkart in 2007. As recently as October, he said in an interview that he was still in charge of Flipkart and would remain group CEO after the Walmart acquisition.
“Both sides are convinced that keeping Flipkart running independently makes the most sense,” he told Bloomberg. “It’s a board-managed company and decision making is still done the exact same way.”
During the interview, he discussed Flipkart’s strategy to snag the next 100 million customers including using native languages, giving buyers more access to credit and launching inexpensive products under Flipkart’s private labels. to ensure “we have a fair rulesbased international order”, he said.
The two sides “agreed that on the international forums, we should on the basis of the shared values build up a possible cooperation in a number of areas”.
The Indo-Pacific region also come up for discussion and Prime Minister Modi referred to his June speech in Singapore at IISS Shangrila Dialogue in which he had outlined India’s vision on Indo-Pacific.
The prime minister conveyed to Pence that his vision of IndoPacific was gaining acceptability and that “we should utilise the forthcoming East Asia summit to further build on that,” Gokhale said, amid China flexing its muscles in the East and South China Seas.
Pence felt that India’s contribution is important in maintaining a free and open Indo-Pacific. He said the recent naval exercises held by the US, India and Japan, is an “evidence of our commitment to ensuring free and open access to the seas all across this region.”
The two sides, he said, would discuss “our ongoing effort to achieve the denuclearisation of the Korean Peninsula.” He thanked India in supporting US on its North Korean pressure campaign. “We are grateful to India’s strong support of our pressure campaign,” Pence said.
“But we look forward to finding even more ways we can work together, even as the president moves toward another summit with Chairman Kim in the hope that we can finally bring a lasting peace to the Korean Peninsula,” he said. in January 2013. Father and son have been barred from contesting elections due to the conviction.
INLD has been managed by Chautala’s younger son Abhay, who has been the leader of opposition in the Haryana Assembly, since then.