India’s Shoppers Stop announced the surprised resignation of chief executive officer and managing director, Venu Nair, effective from the close of business hours of August 31, due to personal reasons.
According to local media reports, Nair said his exit from the department store operator would enable him to spend more time with his family and explore other career options.
To ensure a seamless transition, Nair will continue to guide and advise its new CEO over the next six months, in his capacity as a company official.
To replace Nair, Shoppers Stop board of directors has promoted Kavindra Mishra from his position as chief commercial officer and CEO, Homestop, to executive director and chief executive officer of Shoppers Stop for a period of three years, effective September 1.
He was also appointed as an additional director of the company, effective September 1.
B.S.Nagesh, non-executive chairman of the company will handhold during the transition period. He will also mentor and coach the new executive director and chief executive officer of the company.
Nair joined Shoppers Stop in late 2020 to lead the company after the pandemic and transform it into an omnichannel retailer.
In April, Nair was re-appointed as the CEO effective November 6, for three years.