Raymond Limited’s Lifestyle Business CEO Sanjay Behl has decided to step down from his current position after having served seven years in the company.
The fabric retail company stated that this development was a natural transition as it was in the process of forming a new company that is focused on lifestyle business as part of the demerger process at Raymond Group.
Commenting on the development, Gautam Hari Singhania, Chairman & Managing Director, stated, “Raymond is managed by a strong team of professionals and we are confident of hiring the best-in-class CEO for the proposed listed entity as we embark on a new phase of transformation at Raymond Reimagined.”
It was in November 2019 that Raymond Limited had announced the demerger of its core lifestyle business into a separate entity that will be listed through the mirror shareholding structure. Every shareholder of Raymond will be issued shares of the new company in the ratio of 1:1.
While the company is in the process to appoint a new CEO, Behl will help in the transition and a seamless handover until the time a new chief is hired.
Raymond Group has already initiated the process of completing the formalities for listing the new lifestyle entity, ‘Raymond Lifestyle Ltd.’ The Lifestyle Business through a newly listed company will have the existing business of Branded Textiles, Branded Apparel & Garmenting.
Sanjay Behl, CEO - Lifestyle Business, said, “I had a very satisfying professional stint with Raymond and enjoyed my journey of seven years. Having garnered a rich experience at Raymond, I now want to pursue some other professional interests and I wish Raymond family all the best for a great future.”
As the fabric retail company embarks on forming a new company that is focused on lifestyle business as part of the demerger process at Raymond Group, having a seasoned leader in place at the earliest will be its topmost priority for a smooth transition. Last year, Raymond Group promoter and Chairman Gautam Hari Singhania had also announced his decision to step down as Chairman from all group companies and dissociate himself from day-to-day functioning.