Future Retail’s (FRL) chief executive Sadashiv Nayak has resigned, the company said on Thursday, without citing any reasons, just over seven months after he took the helm at one of India’s largest retailers.
Nayak has been with Future Group for around 18 years and had been appointed chief executive in late August. He previously headed Big Bazaar, Future’s chain of small and large format grocery stores.
The departure comes as the retailer is mired in a long-drawn legal battle with U.S. e-commerce giant Amazon over a $3.4 billion sale of its retail assets to rival Reliance Industries.
Amazon has blocked the sale, citing certain contract violations by Future and the case is now before India’s Supreme Court. Future has denied any wrongdoing.
FRL also said in Thursday’s stock exchange filing that Kishore Biyani, founder and CEO of Future Group, was re-appointed as executive chairman of Future Retail for three years.
Future Group was hit hard by the pandemic and has been struggling to pay off its debt. People familiar with the matter told Reuters Indian lenders have initiated debt recovery proceedings against Future Retail to safeguard their interests.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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