Departmental store retailer Shoppers Stop Limited has announced the elevation of Rajiv Suri, from his current role as the Chief Executive Officer to the Managing Director (MD) and Chief Executive Officer (CEO) of the company with immediate effect to lead the next phase of expansion.
Rajiv was appointed as the CEO of the company in January this year. He brings over 25 years of strategic leadership experience across Europe, Middle East, Africa and Asia with a proven track record of driving transformational change in organizations, accelerating store expansion powered by operational efficiencies and reenergising corporate culture paradigms. He holds a Strategic Retail Management certification from the prestigious Harvard Business School.
Managing Director - Govind Shrikhande informed the Board of Directors of his decision to step down from his post from close of business hours of June 30, 2018.
Chandru L Raheja, Promoter Chairman, announced his retirement from the current position and handed over the reins to retail industry veteran B.S.Nagesh, elevating him from his current role as Non-Executive Vice Chairman to the Non-Executive Chairman of the company with immediate effect. Mr. Nagesh and the Board thanked and appreciated Mr. Raheja for his contribution and guidance in building the company from its inception.
On the appointment, Chandru L Raheja said, “Nagesh has been the guiding force from the first department store since its set-up in Andheri, Mumbai. His management and strategic skills are what I especially admire, and when combined with his experience at the highest level of the industry, he will be perfectly suited to make the necessary decisions to make us more competitive in this market.”
B S Nagesh, Chairman, Shoppers Stop Ltd., said, “We’re pleased to have Rajiv Suri as the new MD & CEO of the company given his global experience in managing and developing global brands. He is gaining the confidence of India’s dynamic retail sector and has restored some momentum to the business by delivering immediate benefits and focusing on longer term strategic plans for the company. 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. Additionally, with induction of our new board members along with strengthening of management team, the company is bullish of the growth momentum.”
He further added, “On behalf of the Board, I would like to thank Govind for his dedicated service and contribution to the company in a range of senior executive roles since April 2001, and wish him success for his future endeavors.”
Abanti Sankaranarayanan, an Independent Director of the Company, has decided to step down. The Board has appointed Ameera Shah, as an Independent Director of the Company who is the Promoter & Managing Director of Metropolis Healthcare Ltd.
The Company also announced the appointment of Karunakaran Mohanasundaram, as the Chief Financial Officer. He is a qualified Chartered Accountant and Company Secretary, with more than 25 years of experience across retail, manufacturing and pharmaceutical Industry. His last assignment was with Avon International, a US based largest direct selling beauty company in the world, as its Executive Director (Finance) – Asia Pacific region at Singapore.