Future Retail CEO resigns amid legal battle
Future Retail Ltd's chief executive officer Sadashiv Nayak has resigned from the post seven months after his appointment. The company did not disclose any reasons for his sudden departure.
Future Group CEO Kishore Biyani has been re-appointed as executive chairman of the company for three years, the company said in a regulatory filing.
"Sadashiv Nayak, who was appointed as chief executive officer effective August 25, 2021, has tendered his resignation which is effective from the closure of business hours of March 31, 2022," Future Retail Ltd (FRL) said in the regulatory filing.
"Based on the recommendation made by the nomination and remuneration committee of the company, we hereby inform that Kishore Biyani, who holds the position of executive chairman has been re-appointed for a period of three years with effect from April 1, 2022," it said.
This would be subject to compliance of applicable provisions and other regulatory approvals including the approval of shareholders of the company, said Future Retail.
Future Retail, which operates various formats such as Big Bazaar, Koryo, Foodhall and Easyday is is currently in a legal battle with U.S. e-commerce major Amazon over a $3.4 billion sale of its retail belongings to rival Reliance Industries.
Copyright © 2023 FashionNetwork.com All rights reserved.