Spencer’s Retail Ltd has appointed Anuj Singh as the chief executive officer and managing director for three years. His appointment follows the resignation of former MD & CEO Devendra Chawla, who left the company on January 20. An alumni of IIM, Calcutta and London Business School, Singh brings with him two-and-half decades of leadership experience across India, Europe and West Asia, Spencer’s informed the bourses. Prior to joining Spencer’s, Singh was the country head of General Mills India. Singh has also worked in Nestle and Walmart.
The new MD will have his work cut out as the hyparmart chain of RPSG Group continues to be in the losses. In the quarter ending December 31, 2022, Spencer’s Retail posted a net loss of Rs 61.75 crore on a revenue of Rs 638.9 crore on a consolidated basis. For the nine months ending December, it had a loss of Rs 149.16 crore compared with Rs 121.46 crore in FY22. In a note to the results, the company stated that its current liabilities exceed current assets.
However, the management also informed that it has access to the promoter’s capital as and when required, apart from unused credit lines. The management said the company is taking steps — expanding operation, private labels, non-food business (mainly apparel), closing down low margin stores — to improve financial performance going forward.