Financial Daily from THE HINDU group of publications
Tuesday, May 10, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 10, 2005 |
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Retailing Marketing - People Raghu Pillai quits RPG Retail Vinay Kamath
Chennai , May 9 MR Raghu Pillai, President, Retail, RPG Enterprises, has put in his papers after a 22-year stint with the group in various capacities. While confirming his decision to quit, Mr Pillai told Business Line that he wanted to look at new opportunities outside the RPG fold. Mr Sumantra Bannerjee, Head of RPG's power business, will manage the group's retail operations for now. While Mr Pillai refused to confirm it, group sources say that he is likely to spearhead a home solutions chain of stores, a new format planned by Pantaloon Retail. The other option open before Mr Pillai, they say, is a venture capital firm looking to invest in the retail sector. Mr Pillai's decision to quit comes close on the heels of the RPG group and Dairy Farm International (DFI), which jointly own the FoodWorld chain of supermarkets and the beauty and wellness chain Health & Glow, deciding to part ways. Mr Pillai has been with FoodWorld since it started as a division of Spencer & Co, a part of the RPG group, in May 1996 and opened its first supermarket in Chennai. Along with Mr Pillai, Mr Rahul Balachandra, who headed the Health & Glow operations, has also quit and will join Arvind Retail. This chain will be taken over by DFI as per the deal between the two groups.
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