Kishore Biyani, the founder and promoter of the country’s largest retailer, Future Group, has realigned the roles of his top executives to sharpen the focus of his value retailing business, an internal communication within the group said.
Most of the changes were in Future Value Retail, recently carved out as a separate company within the group, which now houses value formats Big Bazaar and Food Bazaar. The two formats contribute around 55 per cent of group revenues.
Rakesh Biyani, cousin of Kishore and chief executive of Future Retail, will be managing director of Future Value Retail Ltd (FVRL). Kailash Bhatia, chief executive of fashion business at Pantaloon Retail, will be the new chief executive of Pantaloon Retail India (PRIL), the Future Group’s listed entity. and will join the board of PRIL. Bhatia will take on the responsibility of managing Pantaloons, the department stores of the group and lead the fashion business.
“The Indian consumer has evolved and keeping in step with the evolution, Future Group needs to prepare itself for the next phase of growth. Most importantly, achieve disproportional growth in business, by taking leadership positions in certain categories,’’ Kishore Biyani said in a March 3 mail to key employees.
“To achieve our objective, we need to have a strong and committed management team that can take it to a new level,” the mail said.
FVRL has planned to open 140 Big Bazaars and Food Bazaars over the next four to five years, in addition to the 120 Big Bazaar stores it already operates across the country.
Sadashiv Nayak, president of Big Bazaar, will be the joint chief executive of Future Value Retail, with charge of South and East India. In addition, he was made responsible for growing independent Food Bazaar Stores.
Sanjeev Agrawal, CEO of Pantaloons, will be joint CEO of FVRL and look after the north and west, including Gujarat and Rajasthan. Agrawal will be responsible for managing and growing independent Fashion @ Big Bazaar Stores, said Biyani.
Damodar Mall, the group customer director of Future Group will head the integrated food strategy for the group, which includes farm-fresh, staples, FMCG and private brands.
All the top executives will report to Rakesh Biyani in their new roles, the mail said.
Biyani also made Mayur Toshniwal, head of the group’s north operations, chief executive of the telecom business. He had announced a telecom venture with the Tatas recently, wherein the group will sell co-branded talktime in its stores.
“We believe this business can be a game-changer in the telecom industry, bring in new innovation and add huge value to our organisation and the related businesses we are present in,’’ Biyani said in his mail. Toshniwal will report directly to Biyani.
