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| Management rejig at Shopper's Stop |
| BS Reporter / Mumbai Aug 17, 2009, 21:44 IST |
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After almost eight years as managing director of multi-format retail company Shopper's Stop, BS Nagesh is moving into a non-executive position as vice-chairman of the company, as a part of succession planning within the retail business of K Raheja Corp led by Chandru L Raheja.
Current Chief Executive Govind Shrikhande will take over from BS Nagesh as the president and CEO of the company.
Nagesh will also continue to be on the board of the company, as non-executive director, it said. Nagesh will play the role of strategic advisor to the management of Shopper’s Stop. He will also be the mentor to the management team, a release from the company said.
The appointment will come into effect from August 18 and there will not be any managing director's position henceforth, which will be looked after by Shrikhande, Nagesh told this newspaper.
"All this is part of succession planning within the group. We have to continuously see there are CEOs and MDs in the making and talents to run the company,'' he said.
Nagesh will also continue to be the chairman of the board of Crossword Bookstores. Nagesh is also the vice chairman of Hypercity Retail (India), which runs hyperstores in the country.
Sources in the group said Nagesh wanted to devote more time for the personal life and social service and hence the changes initiated within the company, they said.
Nagesh was the first employee of the company involved with the set up and operations of Shopper’s Stop for the last 19 years, the release said. Shrikhande has been with Shopper's Stop for the last 8 years and became CEO three years ago.
In another development, rating firm Fitch affirmed 'F1' rating to Shoppers Stop's Rs 30 crore short term debt programme and its Rs 50 crore commercial programme, indicating improved profitability despite challenging economic environment which has resulted in lower than top line performance.
Shopper’s Stop turned profitable in Q1 of FY2010 after posting a loss over Rs 63 crore in FY09. However, same store growth in the company further dipped to 7.5 per cent in first quarter of the financial year 2010, as consumers continued to spend less on lifestyle and luxury items to beat the slowdown.
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