Flipkart's co-founder & group CEO Binny Bansal has called it quits. He has tendered resignation today and will reportedly leave the company with immediate effect.

As per a statement put out by Flipkart, part of which is owned by Walmart, he was facing an independent investigation over personal misconduct. "He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.

While the investigation didn't find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency. Because of this, we have accepted his decision to resign," Flipkart's decision says.

"Kalyan Krishnamurthy will continue to be the CEO, which will now include Myntra and Jabong, continuing to operate as separate platforms within Flipkart," the statement reads.