Barely seven month after his appointment, Future Retail Limited’s (FRL’s) Chief Executive Officer Sadashiv Nayak has resigned from his position.
"Sadashiv Nayak, who was appointed as Chief Executive Officer effective 25th August, 2021 has tendered his resignation which is effective from the closure of business hours of 31st March, 2022," the company said. in a statement. The company, however, did not disclose the reason for his resignation.
Nayak has had a long stint with Future Group. He joined the company over 18 years ago. Prior to being the CEO of Future Retail, he was the CEO of Big Bazaar.
Kishore Biayni re-appointed
The company also said that Kishore Biyani, who holds the position of Executive Chairman, has been re-appointed for a period of three years with effect from April 1, 2022.
Amazon had dragged the Future Group into arbitration over its ₹24,713 crore deal with Mukesh Ambani-led Reliance Retail. Amazon had claimed that while signing a deal with Future Coupons in 2019 for ₹1400 crore, it had barred Future Retail from getting into a deal with restricted parties including Reliance.
Recently, Reliance also claimed repossession of over 900 stores that were leased out to Future Retail.
On the other hand, according to sources, lenders to Future Retail have started the process of debt recovery.