Raymond Limited’s Lifestyle Business CEO Sanjay Behl has decided to step down from his current role. He served seven years in the company.

The fabric retail company in a press statement on Monday said that this development was a natural transition as it was in the process of forming a new company that is focussed on lifestyle business as part of the demerger process at Raymond Group.

In November 2019, Raymond Limited had announced the demerger of its core lifestyle business into a separate entity that will be listed through the mirror shareholding structure. Every shareholder of Raymond will be issued shares of the new company in the ratio of 1:1.

The company said that it was in the process to appoint a new CEO. Behl, however, has agreed to help in the transition and a seamless handover till the time a new chief is hired.

Raymond Group has already initiated the process of completing the formalities for listing the new lifestyle entity, ‘Raymond Lifestyle Ltd.’ The Lifestyle Business through a new listed company will have the existing business of Branded Textiles, Branded Apparel & Garmenting.

Commenting on the development, Gautam Hari Singhania, Chairman & Managing Director, said, “Raymond is managed by a strong team of professionals and we are confident of hiring the best-in-class CEO for the proposed listed entity as we embark on a new phase of transformation at Raymond Reimagined.”

Expressing his views, Sanjay Behl, CEO - Lifestyle Business, said, “I had a very satisfying professional stint with Raymond and enjoyed my journey of seven years. Having garnered a rich experience at Raymond, I now want to pursue some other professional interests and I wish Raymond family all the best for a great future.”