Shoppers Stop MD & CEO Rajiv Suri resigns, cites personal reasons | Mint
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Business News/ Companies / News/  Shoppers Stop MD & CEO Rajiv Suri resigns, cites personal reasons
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Shoppers Stop MD & CEO Rajiv Suri resigns, cites personal reasons

The company has not announced an immediate successor to Suri

Rajiv Suri’s resignation will be effective 25 August.Premium
Rajiv Suri’s resignation will be effective 25 August.

NEW DELHI : Department store chain Shoppers Stop on Friday announced the resignation of its MD and CEO Rajiv Suri effective 25 August, nearly two years after he was appointed, the company said in a filing to the exchanges.

“Shoppers Stop has reported that Rajiv Suri has tendered his resignation for personal reasons, effective 25 August (close of business hours), to pursue a career in a company outside India," the retailer said. It has not named an immediate successor.

“The board requested the nomination remuneration and corporate governance committee to identify and recommend a suitable candidate for this leadership position. In the interim, the company shall be managed by an experienced CXO committee to ensure the stability of operations and strategic initiatives," it said.

In a letter addressed to employees, a copy of which was seen by Mint, Suri wrote: “Due to personal reasons, I will not be with you during this exciting journey. I have decided to relocate back to Dubai. I have accepted a non-competing leadership position with a large conglomerate. As soon as they make a stock exchange announcement, I will be able to share details."

Suri had joined the retailer in January 2018 as CEO and was elevated as MD and CEO in June 2018. His resignation follows the firm’s announcement that it is laying off over 1,100 employees and will close underperforming stores.

According to people familiar with the matter, Suri had a two-year contract. However, a spate of exits, plus efforts to turn around the chain have not fructified, becoming a challenge for the retailer.

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ABOUT THE AUTHOR
Suneera Tandon
Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
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Published: 10 Jul 2020, 07:10 PM IST
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