Succession planning: Shashwat Goenka to become chairman of Spencer's Retail

Shashwat Goenka, 31, is set to become chairman of multi-format retailer Spencer’s Retail with father Sanjiv Goenka stepping down.

In a stock exchange filing on Monday, Spencer’s said, as part of succession planning and since Shashwat Goenka was overseeing the affairs of the company, Sanjiv Goenka being a non-executive non independent director has stepped down from the position of chairman and director of the company with effect from close of business hours on May 22. Shashwat has been appointed by the board as chairman with effect from May 23, 2023.  

Shashwat has been steering Spencer’s for about a decade now and has been an executive director of the company since November 14,2018. In the diversified RP-Sanjiv Goenka group, he is on the board of four other listed companies – CESC, PCBL, Firstsource, RPSG Ventures. In CESC, Shashwat is also the Vice-Chairman. While daughter Avarna Jain is the Vice Chairperson of Saregama India.

The RP-Sanjiv Goenka group, which carved out its identity after a family settlement, has an asset base of $7 billion and revenues of $4 billion.

Spencer’s results

Spencer’s on Monday reported a loss after tax of Rs 61.22 crore in Q4FY23 compared to a loss of Rs 42.47 crore in the year-ago period.

Revenue from operations stood at Rs 543.39 crore in Q4FY23 as against Rs 541.84 crore a year back. For the full FY23, revenue from operations stood at Rs 2452.58 crore and loss after tax at Rs 210.39 crore.