IndiaRetailBiz

B S Nagesh, the public face of India’s leading department format retail chain and managing director of Shoppers Stop, who has been working with the company since its inception in 1991, is taking over as Vice Chairman of the company, from today.

Founded 19 years ago on the 27th October, 1991 with the unveiling of its first men’swear store in Andheri, Shoppers’ Stop, is owned by leading hospitality and real estate player K Raheja group. Shoppers Stop is among the country’s pioneering and leading organised retailing company that currently operates several multi-format lifestyle retail chains, across the country.

Nagesh’s movement from an ‘executive’ position to a ‘non-executive’ position is part of succession planning of retail business within the group. Nagesh, who has been working for 19 years with the group, is looking forward to spending part of his time on personal and social interests.

According to the new organisational restructure, while Nagesh will continue to remain on the company’s Board of Directors (now, as non-executive director), he will also play the role of a strategic advisor to the management. Nagesh will also be guiding the management team as its mentor. Nagesh will also continue to hold the currently held positions of chairman and vice chairman respectively in Crossword Bookstores Ltd. and Hypercity Retail (India) Ltd- both part of the group’s retail business.

In the new organisation structure, Govind Shrikhande, who is currently working as chief executive of the company, will also rise to become President and CEO, of the company. This position is currently held by Nagesh.

Apart from being an exercise in succession planning, the process of restructuring the organisation, according to Nagesh, will nurture talents to run the company as well as ensure that there are CEOs and MDs in the making for the group.

Shoppers Stop– professionally managed company– has Chandru L Raheja, as its chairman and his sons Ravi C Raheja and Neel C Raheja as its Directors on its board.