Shoppers Stop's Managing Director and CEO Rajiv Suri has called it quits, almost two years after being at the helm of the country's oldest department store chain.
Suri was appointed as the CEO of the company in January 2018 and was elevated to the MP position in June this year. He has over 25 years of experience in the retail industry, having joined Shoppers Stop from Dubai-based retailer Majid Al Futtaim Holding, where he was CEO of the fashion business.
As per a statement by the retailer to the stock exchanges, he has tendered his resignation for personal reasons, effective August 25, 2020, to pursue a career in a company outside India.
In a letter addressed to employees, 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."
The Board has requested the Nomination Remuneration and Corporate Governance Committee to identify and recommend a suitable candidate for this leadership position. Meanwhile, in the interim period, the retail chain will be managed by CXO Committee to ensure the stability of operations and strategic initiatives, the statement added.
Suri’s resignation comes almost a month after the retailer laid off more than 1,100 employees and stated that it will close some stores due to declining sales and bleak demand outlook for discretionary products in the wake of COVID-19 pandemic and national lockdown. The move came as like other retailers, with declining business, the retailer was being forced to close lower performing and unsustainable stores and resort to layoffs to its cost base.