Raghu Pillai, Chief Executive Officer (CEO) of Future Value Retail and a leading figure in India's modern retail segment, died of a massive heart attack early today, company sources said.
He was 54 and is survived by his wife, son and a daughter.
Pillai was at his Chennai residence when he suffered a heart attack at around 5 am. The funeral will take place in the Tamil Nadu capital later in the day.
He was also a Director and President at Future Group and joined the Kishore Biyani-led Group after quitting as Director and CEO (operations, strategy and business development) of Reliance Retail in October last.
It was like coming back home after years for Pillai, who used to spearhead Biyani's retail chain Pantaloon before joining Mukesh Ambani's retail venture.
A graduate from premier business school IIM Ahmedabad, Pillai was also President and CEO officer of retail sector at RPG Enterprises, where he was responsible for building companies such as Food World Super Markets, Music World, Health & Glow and Spencer Giant Hyper Markets.
Confirming the news, a top Future Group official said, "Pillai's death is a great loss to the company. His loss is irreparable."
The retail industry condoled his death. Aditya Birla Retail CEO Thomas Verghese said "it is a big blow to the retail industry, which has lost one of the best talent it ever had."
"We have lost one of the pioneers of modern retail in India and a builder of several retain businesses. Raghu has greatly influenced the lives of several people who have built a career in modern retail. He will continue to live in their minds and hearts," said Bijou Kurien, CEO, Reliance Retail.
