Udeshi quits Future Value to join Max Hypermarket
Apr 08 2014
“I don’t wish to disclose the reason for quitting. However, I have decided to move on and join Max Hypermarket,” Udeshi told Financial Chronicle after stepping down. In February 2006 and after a stint of around five years as chief-Big Bazaar, Udeshi quit Pantaloon Retail to join Max Hypermarket as senior vice-president-buying and merchandising.
Subsequently, he joined Future Value Retail in May 2007 as chief executive officer-general merchandise. Prior to that, spanning around 17 years, from 1984-2001, he worked at various companies such as Gokaldas Images, BLR Knits, Littlewoods International, Pearl Global, DCM, among others. Future group has not replied to an email query seeking responses for the story.
Insiders say that the urgency to find a profitable strategy for this ultra-competitive business has led to high stress levels among Future group’s employees. While some of them are looking out for a new job, some others are staying put to tide over the economic slowdown and bleak job market, according to senior industry officials.
Over the last one year, Future group has renovated 75 per cent of
stores, shut 67 stores and exited several slow-moving segments in Big
Bazaar and Food Bazaar. Future group plans to exit from heavy
furniture, plumbing, flooring, sanitary ware and hardware in Home
Town. Future group has shut down 31 Big Bazaar and 36 Food Bazaar
stores since June 2011.
Abneesh Roy, associate director of Edelweiss Capital, said, "If this
company continues to remain plunged in high debt level, they would
definitely face high stress level. In the previous year too, the
company has seen top level exits."
Corporate India has seen some top level exits in the current year
which includes Vinita Bali of Britannia, Milind Sarwate of Marico,
several top executives at Samsung India. Recently, Ashutosh Chakradeo,
HyperCITY Retail's chief merchandising officer too quit the company to
take a sabbatical.