A day after Jubilant FoodWorks Ltd announced that its CEO and wholetime director Ajay Kaul is stepping down, the company reiterated that the announcement being made just after the weak June quarter results was purely coincidental.
“We would like to reiterate that Jubilant Foodworks is a professionally managed firm and will continue to pursue its well defined objectives. His announcement just after the quarterly results is purely coincidental and there is absolutely no correlation between the two. He is at a juncture in his professional career where he wants to evaluate options and pursue his other interests,” the company said in a statement. Kaul’s decision to step down was being seen to have come after the company’s weak performance.
The company also said Kaul will continue in his current role till March 31, 2017. “In the meanwhile, we have initiated the process of identifying his successor where Ajay will also be actively involved. Post selection, he will help to induct and help the new incumbent,” the statement added.