Future Retail CEO quits
Future Retail (FRL) CEO Sadashiv Nayak has resigned from the publish seven months after his appointment. An FRL submitting mentioned, “Sadashiv Nayak, who was appointed as Chief Executive Officer effective August 25, 2021, has tendered his resignation which is effective from the closure of business hours of March 31, 2022.”
It added Kishore Biyani, Future Group founder-CEO, has been reappointed government chairman of FRL for one more three years.
“Based on the recommendation made by the Nomination and Remuneration Committee of the Company, we hereby inform that Kishore Biyani, who holds the position of Executive Chairman has been re-appointed for a period of three years with effect from April 1, 2022,” it mentioned.
FRL’s director Rahul Garg had earlier resigned from the board. FRL has already defaulted on a fee of Rs 3,494.56 crore to banks in January underneath the OTR plan and the account has been declared as NPA by the lenders.
