Shoppers Stop MD & CEO Rajiv Suri resigns, cites personal reasons
2 min read . Updated: 10 Jul 2020, 07:10 PM ISTThe company has not announced an immediate successor to Suri
New Delhi: Department store chain, Shoppers Stop on Friday announced the resignation of its managing director and chief executive officer Rajiv Suri effective 25 August, nearly two years after he was appointed as the top boss at the chain, the company said in a filing to the exchanges.
“Shoppers Stop Ltd., has reported that Mr. Rajiv Suri, Managing Director and Chief Executive Officer of the Company, has tendered his resignation for personal reasons, effective August 25, 2020 (close of business hours), to pursue a career in a Company outside India," the retailer said on Friday.
The company has not announced an immediate successor to Suri.
The company will be managed by its top management in the interim, Shoppers Stop said in its statement.
“The Board requested the nomination remuneration and corporate governance committee to identify and recommend a suitable candidate for this leadership position. In the interim period, the company shall be managed by an experienced CXO committee to ensure stability of operations and strategic initiatives," the company said.
Suri joined the company in January 2018 as its chief executive officer and was elevated in June 2018 as its MD and CEO.
Suri joined Shoppers Stop from Dubai based retailer Majid AL Futtaim Holding LLC were he was CEO of the fashion business. Prior to joining Majid Al Futtaim in 2014, Suri was CEO, retail, at Jashanmal Group, a Dubai-based company that works in partnership with various large global fashion and footwear brands. Suri was with the company from 2007 till 2014.
The news follows the the company announced it is laying off over 1,100 employees and will close underperforming stores. The pandemic and prolonged lockdown has severely hit retailers.
Apparel and accessories retailers are especially hurting as consumers are likely to avoid stepping out and postpone buying new clothes as the pandemic forces minimal socializing.
As a result, apparel retail is set to see some level of consolidation in the near future.
Shoppers Stop had 7,500 employees, according to its December quarter earnings presentation.
Shoppers Stop Ltd. was established in 1991. It currently has a network of 90 department stores in 44 cities; the company also operates premium home concept stores, apart from 132 specialty beauty brand stores including M.A.C, Estée Lauder, Bobbi Brown, Clinique, Smash box, Jo Malone.
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