Shoppers Stop CFO Sanjay Chakravarti resigns, new CEO Rajiv Suri to take charge in January
Indian fashion retail chain Shoppers Stop has announced that its chief financial officer (CFO) Sanjay Chakravarti will step down from the post on December 22 and new CEO Rajiv Suri take charge on January 7, 2018.
The Board of Directors of Shoppers Stop Ltd at its meeting held on December 19 approved the resignation.
Sanjay Chakravarti will also cease to be one of the authorised officials of the Company under Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company said in a BSE filing.
The appointment of Rajiv Suri as the new Chief Executive Officer was also approved by the board and he will take charge with effect from January 9, 2018. Rajiv will report directly to Customer Care Associate and Managing Director Govind Shrikhande.
Shoppers Stop had been operating without a full-time CEO for almost a year after Sahil Nair resigned in January last year. Rajiv takes charge of the company at a time when the revenues are plummeting and losses mounting.
Shoppers Stop Limited revenue for the second quarter ended September 30 was down 12 percent to Rs 838 crore (approx $128.8 million) while net loss was Rs 21.8 crore (approx $3.4 million).
Suri, the former CEO of Dubai based Majid Al Futtaim (MAF) fashion business will have his work cut out at Shoppers Stop as he looks to revive the fortunes of the fashion retailer in the absence of a full time CFO.
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