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Last Updated : Jul 10, 2020 09:36 PM IST | Source: Moneycontrol.com

Shoppers Stop CEO Rajiv Suri resigns citing personal reasons

Suri was appointed as the CEO of the company in January 2018 and was elevated as its MD in June

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After two years at Shoppers Stop, its Managing Director and CEO Rajiv Suri has resigned effective August 25, the company said in a filing to exchanges.

Suri was appointed as CEO in January 2018 and was elevated as its MD in June.

“Rajiv Suri, MD and CEO of the company, has tendered his resignation for personal reasons, effective August 25, (close of business hours), to pursue a career in a company outside India," the statement read.

The company has not announced an immediate successor to Suri.

The board has requested the nomination remuneration and corporate governance committee identify and recommend a suitable candidate for the leadership position. In the interim period, the company will be managed by an experienced CXO committee to ensure stability of operations and strategic initiatives, the statement added.

In June, Shoppers Stop had laid off more than 1,100 employees as the apparel store chain, like most other retail businesses, had seen a fall in its sales amid lack of demand due to the COVID-19-led lockdown.

Established in 1991, Shoppers Stop is a premier retailer of fashion and beauty brands spread across 90 departmental stores in 44 cities.

The company also operates premium home concept stores (11 stores), 132 specialty beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Smash box, Jo Malone and Arcelia, occupying an area of 4.5 million square feet.

First Published on Jul 10, 2020 09:36 pm