Shoppers Stop Limited today announced the promotion of Mr. Kavindra Mishra, Chief Commercial Officer and CEO Homestop, as its Executive Director & CEO, subsequent to the resignation of its Managing Director & CEO, Mr. Venu Nair.
Mr. Kavindra Mishra has been promoted as Executive Director & Chief Executive Officer - Based on the recommendation of the Nomination, Remuneration and Corporate Governance Committee, the Board of Directors of the Company ("the Board"), at its Meeting held today, i.e. on August 24, 2023, approved the promotion and appointment of Mr. Kavindra Mishra (DIN: 07068041) as an Additional Director of the Company w.e.f. September 1, 2023. He has also been appointed as an Executive Director & Chief Executive Officer of the Company for a period of 3 (three) years effective September 1, 2023, subject to approval of shareholders of the Company.
The Chairman of the Company, Mr. BS Nagesh said that "I am delighted that Mr. Kavindra Mishra, has been promoted as the Executive Director and CEO of the Company. In the last five months he has taken over the charge of Homestop and the commercial part of the Shoppers Stop business. His skills as a Business Leader, strategic expertise and overall understanding of the retail industry is an excellent fit for leading the Company as its CEO and setting high standards. Under his leadership and guidance, I am confident about the future growth of the Company."
Resignation of Mr. Venu Nair, Managing Director and Chief Executive Officer - Mr. Venu Nair has tendered his resignation from his position, effective from the close of business hours of August 31, 2023, due to personal reasons, to enable him to spend more time with his family and explore other options.
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. He has been instrumental in strengthening the business in the post Covid era, by growing its strategic pillars of fashion, beauty and expansion of the Company's retail network. He leaves a much-strengthened Shoppers Stop. To ensure a seamless transition, he will continue to guide and advice the CEO over the next 6 months, in his capacity as a Company official.
Mr. B.S.Nagesh, Non-Executive Chairman of the Company will handhold during the transition period. He will also mentor and coach the Executive Director & Chief Executive Officer of the Company.
Shares of Shoppers Stop Limited was last trading in BSE at Rs. 811.45 as compared to the previous close of Rs. 801.70. The total number of shares traded during the day was 3908 in over 410 trades.
The stock hit an intraday high of Rs. 818.00 and intraday low of 791.55. The net turnover during the day was Rs. 3175777.00.