Sadashiv Nayak appointed as Future Retail CEO

The Future Retail Board of Directors in a meeting today approved the appointment of Sadashiv Nayak as Chief Executive Officer. Nayak will also act as Key Managerial Personnel for the purpose of compliance.

"The Board of Directors of the Company at their meeting held today i.e. on 25th August 2021, had inter-alia considered and approved the appointment of Sadashiv Nayak as Chief Executive Officer (“CEO”) of the Company with effect from 25th August 2021. Sadashiv Nayak shall also act as Key Managerial Personnel (CEO) for the purpose of compliance under applicable provisions of the Companies Act, 2013," the company said in a statement.

Also read: SC verdict on RIL-FRL deal: Can Amazon get strategic advantages out of Future Retail?

"Nayak has been associated with Future Group for over 17 years and in the last 8 years as the CEO of Big Bazaar, he has played a pivotal role in making Big Bazaar what it is today," Future Retail said.

Nayak had worked at various designations during his association within the Group, the company added. He holds an engineering degree in Electronics and Communications from the National Institute of Technology, Karnataka, and a post-graduate diploma in Business Management from XLRI, Jamshedpur. He has over 27 years of work experience.

Also read: Twists & turns in the buyout of Kishore Biyani’s Future Retail

Future Retail operates retail stores like Big Bazaar, fbb, Foodhall, Easyday and Nilgiris. Prior to Future Group, Nayak was associated with Hindustan Unilever Limited and Asian Paints Limited.

In August last year, the FRL board had approved the amalgamation of FRL along with other group companies with Future Enterprises Limited to facilitate a Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail. The deal has been contested by global e-commerce major Amazon, an investor in Future Coupons that in turn is a shareholder of FRL.

Also read: Future Retail Q1 results: Net loss widens to Rs 1,147 cr