Ashni Biyani, daughter of Future Group promoter Kishore Biyani, has resigned as the managing director of Future Consumer Limited citing personal reasons, the company informed in a filing to the stock exchange on May 12. The company also announced the appointment of Samson Samuel as the new CEO of the company, effective from May 12.
Ashni Biyani resigned “...as managing director of the company with effect from closure of business hours on 12th May, 2022. Consequent to the same, she has also ceased to be a 'key managerial personnel' of the company,” the company said in its filing.
“Ashni Biyani has informed the company that she has resigned so due to her personal constraints and challenges due to which she is unable to dedicate necessary time and attention on the affairs of the Company. She shall continue to provide her support to the management and the Company as may be required,” it added.
Biyani will continue to serve on the FCEL board as non-executive director, the filing added.
Ashni Biyani’s resignation comes close on the heels of Rakesh Biyani’s departure from Future Retail as its managing director. Rakesh Biyani is a cousin of Kishore Biyani.
Future Consumer is a subsidiary of Future Group, which has been embroiled in legal battles with Amazon over the sale of Future Retail to Reliance Industries. In a setback to the Future Group last month, Reliance called off its takeover of Future Retail. Even as Amazon and Future Retail are engaged in litigations, the lenders have started insolvency proceedings against the latter.
Of late, reports have surfaced that Kishore Biyani plans to sell key assets and restructure debt to pay off his debts as Future Retail faces bankruptcy proceedings.
Future Consumer, the FMCG arm of Future Group, houses brands such as Golden Harvest, Tasty Treat, CleanMate, Kara etc.
The new CEO of the company, Samson Samuel, said he is "well aware of challenges ahead to restore profitable growth & alleviate debt by selling certain non-strategic assets," according to the filing.
Samson Samuel, is an engineer with around 24 years of experience spanning across manufacturing, consulting, IT and supply chain industries. He has worked in India and US in various capacities with organisations like BestBuy, Staples, Lowes, Future Group, Mafatlal Consultancy, Wipro & Cognizant.
“He has been recently associated with Future Consumer Limited to look after the overall business affairs of its subsidiary operating under the format 'Nilgiris’,” the company said.Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.