Rajeev Bakshi has decided to step down as the managing director of METRO Cash & Carry India Pvt Ltd by the end of January, according to a report by The Economic Times.
“I have been working for 37 years and would like to take up a part-time (job) now,” Bakshi told the paper. He added that the local arm of the German retailer METRO AG is finalising his successor.
METRO is the first foreign retailer to start its wholesale business in India, in 2001.
Bakshi has been MD of METRO Cash & Carry since 2010. Before joining METRO, Bakshi worked with coal giant PepsiCo. He was the chairman of PepsiCo India and later moved to the company's Asia headquarters in Hong Kong as head of commercial operations. He was responsible for business development, innovation and insights, and sales capability for PepsiCo Asia across the company's foods and beverages portfolio and is said to have led it to profitability.
Bakshi started his career with cosmetics firm Lakme. He has also worked with chocolate maker Cadbury and private equity firm ICICI Venture in top management roles.
METRO Group operates around 2,200 stores in 32 countries and has about 265,000 employees.
The report said also that METRO AG is looking to invest around Rs 400 crore to open more wholesale outlets in India. Besides, it is mulling to enter the business-to-business e-commerce segment in India.
METRO Cash & Carry sells about 8,500 products across categories including food and grocery, health and beauty products, electronics items and apparel.