Future Retail CEO resigns after 7 months of his appointment

New Delhi: Debt-ridden Future Retail Ltd's CEO Sadashiv Nayak has resigned from the post seven months after his appointment, according to a filing.

Future Group CEO Kishore Biyani has been re-appointed as executive chairman of the company for three years, a regulatory filing said on Thursday.

"Sadashiv Nayak, who was appointed as Chief Executive Officer effective August 25, 2021, has tendered his resignation which is effective from the closure of business hours of March 31, 2022," Future Retail Ltd (FRL) said in the regulatory filing.

The founder and CEO of the Future Group, Kishore Biyani, has been reappointed as the Executive Chairman of FRL for another three years, the filing said.

"Based on the recommendation made by the Nomination and Remuneration Committee of the Company, we hereby inform that Kishore Biyani, who holds the position of Executive Chairman has been re-appointed for a period of three years with effect from April 1, 2022," it said.

This would be subject to compliance of applicable provisions and other regulatory approvals including the approval of shareholders of the company, said Future Retail.

Earlier this month, FRL's director Rahul Garg had resigned from the board.