Sadashiv Nayak, the CEO of Future Retail (FRL), resigned on Thursday without giving any explanation, barely over seven months after taking the head of one of India’s top retailers.
Nayak has been with Future Group for around 18 years and was promoted to CEO in late August. He was previously the president of Big Bazaar, Future’s small and large format grocery store chain.
The departure comes as the retailer is embroiled in a protracted legal dispute with Amazon over the sale of its retail assets to rival Reliance Industries for $3.4 billion.
The sale has been halted by Amazon, citing Future’s breach of contract, and the dispute is currently before India’s Supreme Court. Future has vehemently denied any misconduct on his part.
The departure comes as the retailer is embroiled in a protracted legal dispute with Amazon over the sale of its retail assets to rival Reliance Industries for $3.4 billion.
The sale has been halted by Amazon, citing Future’s breach of contract, and the dispute is currently before India’s Supreme Court. Future has vehemently denied any misconduct on his part.
In a stock exchange statement on Thursday, FRL also announced that Kishore Biyani, the founder and CEO of Future Group, had been re-appointed as executive chairman of Future Retail for another three years.
Future Group was severely impacted by the epidemic and has been unable to repay its debts. According to those acquainted with the situation, Indian lenders have started debt collection proceedings against Future Retail to protect their interests.
