CP Toshniwal, chief financial officer of debt-laden Future Retail (FRL), resigned on May 12, joining the list of executives who left the teenage-controlled futures group companies.
Accordingly, he ceased to be the CFO and a chief managing employee of the company, FRL said in a regulatory update, but did not provide further details.
In early March, FRL CEO Sadashiv Nayak resigned seven months after taking office. However, no reason was given for his resignation. Nayak, who has been with Future Group for almost 18 years and has been the CEO of the group’s grocery chain Big Bazaar for the past 8 years.
Nayak, who has been with Future Group for almost 18 years and has been the CEO of the group’s grocery chain Big Bazaar for the past 8 years. He took over as CEO on August 25, 2021.
Earlier, FRL director Rahul Gorg resigned from the company’s board.
On Thursday, Ashani Beyani, daughter of Future Group founder Kishore Beyani, resigned as managing director of Future Consumer for personal reasons. However, he will remain on the board as a non-executive director.
Ashani Biyani’s resignation comes from Rakesh Biyani, a cousin of Kishore Biyani, who resigned a week ago as managing director of Future Retail, another group company. Apart from Rakesh Biyani, other officials including the company secretary also resigned.
Following the resignation of Ashani Beanie, Future Consumer has appointed Samson Samuel as Chief Executive Officer (nominated as Chief Managing Officer), effective May 12.
Samuel was previously part of Future Group and recently was the CEO of Nilgiris.
Debt-laden Future Group companies have recently witnessed resignations, including Future Retail Company Secretary Birendra Samani (April 30, 2022) and Gagan Singh, FRL Independent Director, among others.