The stock price of Shoppers Stop experienced a significant decline of more than 11% during the morning trading session on the Bombay Stock Exchange (BSE) on Friday, August 25. This drop followed the announcement of the resignation of the company’s Managing Director (MD) and Chief Executive Officer (CEO), Venu Nair.
According to a regulatory filing made on Thursday, August 24, Shoppers Stop stated that Venu Nair, Managing Director and Chief Executive Officer of the Company, has tendered his resignation, effective from the close of business hours of August 31, 2023, due to personal reasons.
Furthermore, the company disclosed that its board of directors granted approval for Kavindra Mishra’s appointment as an additional director, effective from September 1, 2023. In addition, Mishra has been promoted from his role as Chief Commercial Officer and CEO of Homestop to the position of Executive Director & Chief Executive Officer of the company. This appointment is slated for a three-year term beginning September 1, 2023, subject to the endorsement of the company’s shareholders.
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