NEW DELHI :
Future Retail’s chief executive officer Sadashiv Nayak has stepped down from his role as the retail chain continues to locked in a legal tussle with Amazon over its sale to rival Reliance Industries Ltd.
Nayak’s resignation was effective during closing of business hours on 31st March, 2022, the company informed the exchanges on Thursday.
Nayak was appointed as Chief Executive Officer of Future Retail effective 25th August, 2021.
Kishore Biyani who holds the position of Executive Chairman has been re-appointed for a period of three years with effect from 01st April, 2022, the company said.
Nayak has been associated with Future Group for close to two decades—having earlier led the company’s flagship Big Bazaar chain as its chief executive officer. Future Retail, operates large formats under brands such as Big Bazaar, Fashion at Big Bazaar, Hypercity, and Foodhall in the country.
Nayak’s departure comes as Future Group and Amazon are tied in a legal tussle before the Supreme Court for the former’s Rs24,713 crore deal with Reliance Industries. The deal is being opposed by Amazon.com NV Investment Holdings LLC.
Meanwhile, citing Future Retail’s financial incapacity—Reliance has been taking over leases of hundreds of Future Group’s stores.