Shoppers Stop Plummets 14% on Resignation of MD & CEO, New CEO Announced

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  • Stock Market News
Shoppers Stop Plummets 14% on Resignation of MD & CEO, New CEO Announced
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the premier retailer Shoppers Stop (NS: SHOP ) plummeted 13.69% to Rs 701.05 apiece on Friday after the company announced that its managing director (MD) and chief executive officer (CEO) Venu Nair has resigned from his position.

Nair has tendered his resignation as Shopper Stop’s MD & CEO, starting the close of business hours of August 31, 2023, on personal reasons, to ‘enable him to spend more time with his family and explore other options’.

The company’s Board of Directors accepted Nair's resignation, citing his role in strengthening the company’s business in the post Covid era.

“He leaves a much-strengthened Shoppers Stop. To ensure a seamless transition, he will continue to guide and advice the CEO over the next six months, in his capacity as a Company official,’ Shoppers Stop stated in a press release last week.

The company’s Board of Directors have also approved the promotion and appointment of Kavindra Mishra, the chief commercial officer and CEO of Shoppers Stop’s furniture retail store HomeStop, as the company’s Executive Director and CEO, following Nair’s resignation.

Kavindra Mishra will serve as Shoppers Stop’s Executive Director & CEO for a period of three years effective September 1, 2023, subject to approval of the company.

In the last five months, Mishra has taken over the charge of HomeStop as well as the commercial part of Shopper Stop’s business.

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