Retailer Shoppers Stop Ltd’s chief executive officer Salil Nair has resigned, bringing an end to close to 20 years of his association with the company.
The company’s board has accepted Nair’s resignation, the firm said in a stock market disclosure without giving any reason for his resignation.
Nair was elevated as CEO on 1 March 2014 from the position of a chief operating officer (COO). As CEO, he was responsible for leading the development and implementation of the company’s strategy, store operations and technological innovation.
Nair had joined Shoppers Stop as chief of operations in January 1997, according to his LinkedIn profile. Prior to joining the retailer, he worked with Carona Ltd and Heinz India (formerly Glaxo India).
Early in the day, the company reported gross retail turnover of Rs 1,106 crore for the quarter ended 31 December 2016 against Rs 989 crore in the corresponding quarter the previous year.
“Third quarter started on a good note with Diwali festivities giving a boost to festive shopping. Post demonetisation, November sales had turned weak but December saw an upswing in sales resulting in a double-digit growth for the month and overall an 11.8% growth for the quarter,” said Govind Shrikhande, customer care associate and managing director, Shoppers Stop.
Its net profit, however, declined by 15.36% to Rs 19 crore during the quarter.
Shoppers Stop, which is promoted by real estate developer K Raheja Corp, currently has 80 stores in 37 cities. The company—along with subsidiaries Crossword Bookstores Ltd and Hypercity Retail (India) Ltd; and joint venture companies Timezone Entertainment Pvt. Ltd and Nuance Group (India) Pvt. Ltd—operates more than 60.42 lakh square feet in the country.
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