With plans to open 50 stores in India beginning next year in partnership with Arvind group, US-based speciality children apparel retailer The Children's Place Inc has now roped in former Reliance Retail executive Anurup Pruthi as CFO with a million-dollar pay packet.
Pruthi, 46, has over two decades of financial expertise and served as CFO at RIL's USD 2.5 billion retail business. Prior to that, he was with Future Group and has also worked with Burberry PLC and Mexx Europe Holding in the past.
Pruthi has been hired by The Children's Place at an annual salary of USD 500,000, an annual performance-based cash bonus opportunity (at target) beginning in fiscal 2015 equal to 60 per cent of base salary and a time-vested restricted stock unit award covering 5,000 shares, among others, according to a regulatory filing of the US-based firm.
Pruthi is joining as Senior Vice President and Chief Financial Officer, effective December 1, 2014, the company said, while adding that he would report to Michael Scarpa, Chief Operating Officer.
"I have worked with Anurup for many years. He brings a wealth of relevant industry expertise and I am very pleased to welcome him to The Children's Place," said Scarpa in a statement.
In August, the company had announced that it entered into a franchise agreement with Arvind Lifestyle Brands Limited to open stores in India, with the potential to open 50 stores over time beginning in the Fall of 2015.
The Children's Place will be the first of its kind children's retail format in India. The company operates over 1,100 stores in the US, Canada and Puerto Rico, besides an online store and 67 international stores 'open and operated' by its franchise partners.
