The Indian retail giant Shoppers Stop on Friday has announced the appointment of Rajiv Suri as the new Chief Executive Officer and Managing Director of the company with immediate effect.
Rajiv Suri, age 55, was appointed at this position in January. He has replaced Govind Shrikhande who will step down by the end of this month. He has been working with the departmental store chain since 2001. Prior to joining Shoppers Stop, Suri was the CEO of the Majid AI Futtaim (MAF) Fashion business, which is spread across over 140 stores across Dubai, United Arab Emirates. In Dubai, he led strategic development, growth, transformation, innovation and digitalization and helped the company to grow massively.
Shoppers Stop is an Indian chain of departmental store chain spread across the country and marks as one of the most favorite destinations for fashion and lifestyle enthusiasts. Owned by the K Raheja Corp Group, the chain has over 83 stores across 38 cities in India. It basically deals in clothing, accessories, handbags, shoes, jewelry, fragrances, cosmetics, health and beauty products, home furnishing and decor and other similar products.
“Shrikhande informed the Board of Directors of his decision to step down from his post from close of business hours of June 30, 2018,” the company said in a statement. “The board of directors …has approved the appointment of Rajiv Suri as CEO of the company with effect from January 9, 2018,” it added.
Along with this new appointment, another one that would take place is for the position Non-executive chairman and promoter, where BS Nagesh (previously Non-Executive Vice Chairman) will replace Chandru Raheja.
In this matter, Nagesh said, “The Board is confident that Rajiv’s rich experience in the retail sector will help us to steer the business growth while enhancing experience for our customers and adding value to all our stakeholders.”
Later on, the company stated that Abanti Sankaranarayanan who is an Independent Director of the company has also decided to step down. Also, the company has announced the appointment of Karunakaran Mohanasundaram as the Chief Financial Officer.