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Rajiv Suri, Managing Director and Chief Executive Officer of Shoppers Stop Ltd, has tendered his resignation amid challenges faced due to the Covid lockdown.
The company said Suri quit for personal reasons and he intends to pursue a career in a company outside India. Suri will exit on August 25.
“The board of directors of the company at its meeting held today has accepted his resignation and placed on record their appreciation for the contribution made by him during his tenure. The board requested the nomination remuneration and corporate governance committee to identify and recommend a suitable candidate for this leadership position," the company said in a statement.
Suri had joined Shoppers Stop in January 2018 as its CEO and was elevated as MD in June in the same year. His exit comes as the company is facing severe headwinds. The company had reported a consolidated loss of ₹127.22 crore for the fourth quarter ended on March 31, 2020, as the lockdown hit the sales severely.
In the interim period, the company shall be managed by an experienced CXO Committee to ensure stability of operations and strategic initiatives.
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