Shoppers Stop‘s managing director and chief executive officer Rajiv Suri has quit the company, two years after being at the helm of the country’s oldest department store chain.
Suri was appointed as the CEO of the company in January 2018 and was elevated as its MD in June this year. ” He has tendered his resignation for personal reasons, effective August 25, 2020 to pursue a career in a Company outside India,” the company said in a stock exchange statement.
The Board has requested the Nomination Remuneration and Corporate Governance Committee to identify and recommend a suitable candidate for this leadership position and in the interim period, the retail chain will be managed by CXO Committee to ensure stability of operations and strategic initiatives, the statement added.
Last month, the K Raheja Corp-promoted retailer laid off more than 1,100 employees and said it will close some stores due to declining sales and bleak demand outlook for discretionary products in the wake of Covid-19 pandemic and national lockdown.