Shoppers Stop stock falls over 13% after CEO resigns

Shares of Shoppers Stop tumbled 13 per cent on Friday after the resignation of its Managing Director & CEO Venugopal G Nair.

The stock tanked 12.64 per cent to settle at Rs 708.85 apiece on the BSE. During the day, it fell by 13.56 per cent to Rs 701.35.

On the NSE, it cracked 13 per cent to end at Rs 706 per share.

Shoppers Stop Limited on Thursday announced the promotion of Kavindra Mishra, Chief Commercial Officer and CEO Homestop, as its Executive Director and CEO, subsequent to the resignation of its Managing Director & CEO, Venu Nair.

"Venu Nair has tendered his resignation from his position, effective from the close of business hours of August 31, 2023, due to personal reasons, to enable him to spend more time with his family and explore other options," as per a BSE filing.

The Board of Directors of the company at its meeting has accepted his resignation and placed on record their appreciation for the contribution made by him during his tenure, the company filing said.

"To ensure a seamless transition, he will continue to guide and advice the CEO over the next 6 months, in his capacity as a company official," the filing added.

Based on the recommendation of the nomination, remuneration and corporate governance committee, the Board of Directors of the company, at its meeting held on August 24, 2023, approved the promotion and appointment of Kavindra Mishra as an Additional Director of the company w.E.F. September 1, 2023, it said.

He has also been appointed as an Executive Director & Chief Executive Officer of the company for a period of three years effective September 1, 2023, subject to approval of shareholders of the company, it added.