Pantaloon sees another major exit

Friday, 30 December 2011

The debt ridden Future Group is witnessing its top official leaving during the difficult times. In the latest development Pankaj Tibrewal, chief operating officer (COO) of Pantaloon Retail (PRIL), has put in his papers. Earlier, the group had seen other top leaders quit the company, including Mayur Toshniwal, CEO, telecom biz, Manoj Kumar, CEO of E-zone and Mahesh Shah, head of sourcing at Home Town. According to company insiders, Sanjeev Agarwal, joint CEO at Future Value Retail, too is planning to make an exit. Before joining PRIL, Tibrewal was engagement manager at McKinsey & Company and founder and CEO at ACE Technosoft. Tibrewal will now be replaced by someone within the group.

Though Agarwal’s exit is yet to be confirmed, who has held various lead positions at Future Group beginning with President marketing at PRIL and then CEO at PRIL. Before joining the BSE listed retailer, he was VP marketing and logistics at Balsara Home Products.

Pantaloon Retail, the listed flagship of the Future group, reported a second consecutive quarterly drop in net profit in July-September. Net profit went down by 36.34 per cent to Rs 15.05 crores. Its same-store sales growth was 6.53 per cent in lifestyle retail, 3.64 per cent in value retail and 1.26 per cent in home retail. Pantaloon Retail has a debt of Rs 4,200 crores and its debt-equity ratio has already reached the previous slowdown level of 1.33.

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