Division retailer chain Buyers Cease on Tuesday introduced the appointment of Pankaj Chaturvedi as the corporate’s new chief monetary officer (CFO), efficient April 1, 2026. He’ll change Karunakaran Mohanasundaram, information company Reuters reported.
Mohanasundaram has served within the finance chief place since 2018 and has taken the choice of stepping right down to pursue alternatives outdoors the corporate, Buyers Cease mentioned in a press release.
The administration change comes at a difficult time for India’s retail sectorwhich has been grappling with intensifying competitors from each on-line and offline gamers, together with indicators of moderating client spending.
Amid this backdrop, Buyers Cease reported a pointy 69% drop in its third-quarter revenue, based on the company report, highlighting the monetary pressures going through the corporate because it navigates more durable working surroundings.
From earlier roles to training — All about Pankaj Chaturvedi
Chaturvedi is at present the CFO at Saregama India Ltd. and brings with him in depth expertise from the telecom sector, having beforehand held senior roles at Vodafone and Reliance Jio. At Vodaphone, he served because the Head of Nationwide Enterprise Finance.
A chartered accountant by career, Chaturvedi holds a Grasp’s diploma in Commerce with a specialisation in Accounting and Finance from Gujarat College, as per information out there on-line.
In line with his LinkedIn profile, he has been a finance skilled with 19 years of expertise, with abilities akin to core accounting, planning, enterprise partnering , treasury and threat assurance.
He has additionally served Go Airways (India) Ltd. because the CFO till April 10, 2022. Details about his private life just isn’t publicly out there.
Buyers Cease share worth development
After the brand new management announcement, Buyers Cease’s share worth closed at ₹8.8 or 2.2% larger at ₹409.2 on Tuesday, 10 February, based on Nationwide Inventory Change (NSE) information.
The corporate’s shares have given inventory market traders greater than 94% returns on their funding within the final 5 years. Nonetheless, within the final one yr, the corporate’s inventory has misplaced 31% in its worth.