Future Retail appoints Sadashiv Nayak as CEO
Sadashiv Nayak has been associated with Future Group for over 17 years and in the last 8 years, he has been the CEO of Big Bazaar
PremiumFuture Group's retail arm Future Retail Limited on Wednesday said that it has appointed Sadashiv Nayak as the chief executive officer (CEO) effective from today.
Nayak shall also act as Key Managerial Personnel (CEO) for the purpose of compliance under applicable provisions of the Companies Act, 2013, the company said in a regulatory filing.
Sadashiv Nayak has been associated with Future Group for over 17 years and in the last 8 years, he has been the CEO of Big Bazaar.
During his role, he has played a pivotal role in making Big Bazaar what it is today, the company further stated adding that he had worked at various designations during his association within the Kishore Biyani-led Future Group.
Nayak holds an engineering degree in Electronics and Communications from National Institute of Technology, Karnataka and a post-graduate diploma in Business Management from XLRI, Jamshedpur. Prior to Future Group, he was associated with Hindustan Unilever Limited and Asian Paints Limited. He had over 27 years of experience in the Retail Industry.
Earlier this month, Future Retail Ltd (FRL) had reported widening of its consolidated net loss at ₹1,147.28 crore for June quarter 2021-22, impacted by the second wave of the pandemic.
The company had posted a net loss of ₹552.91 crore for April-June period a year ago, FRL said in a BSE filing.
Total income was down to ₹1,407.11 crore during the quarter under review from ₹1,447.62 crore in the year-ago period.
Total expenses of FRL, which operates retail stores like Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, were at ₹2,554.39 crore as against ₹2,000.53 crore.
In August last year, the board of the company had approved the amalgamation of FRL along with other group companies with Future Enterprises Ltd to facilitate the ₹24,713 crore deal to sell the retail and wholesale business to Reliance Retail.
However, FRL is currently dealing with dispute with e-commerce major Amazon over the sale of retail and wholesale, and logistics and warehousing business to RIL's retail arm.
FRL had said it "intends to pursue all available avenues to conclude the deal" to protect the interests of its stakeholders and workforce.
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