On Thursday, March 29, Mr. Sadashiv Nayak the CEO of Future Retail resigned from his position. The company announced this in a regulatory filing but had not cited any reasons.
Mr. Nayak had been working with the Future Group for the past 18 years & took over the position of CEO in August 2021. The notice further stated that Mr. Kishore Biyani the Executive Chairman has been re-appointed for a period of three years with effect from April 1 2022.
It is to be noted that the retail giant is entangled in legal battles with e-commerce giant Amazon for over $3.4 billion sale of its retail assets to Reliance Industries Ltd. Amazon had alleged Future Group of contract violation & the case is now in Supreme Court.
