Binny Bansal, Flipkart’s co-founder, Chairman and Group CEO, resigned, following an independent investigation of an allegation of serious personal misconduct against him, the company’s parent Walmart said in a statement.

In the meantime, Kalyan Krishnamurthy will continue to be the CEO of Flipkart, which will now include Myntra and Jabong, and continue to operate as separate platforms within the Flipkart business.Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Kalyan.According to Walmart, Bansal has been contemplating a transition for some time now, and the company has been working with him on a succession plan, which has now been accelerated with the allegations of personal misconduct.