In a generational change, Shashwat Goenka appointed chairman of Spencer’s Retail

Effective May 23, the board of Spencer’s Retail, a multi-format retailer under the RP-Sanjiv Goenka Group, has appointed Shashwat Goenka as the chairman of the company. This decision follows the resignation of Sanjiv Goenka from his position as chairman and director, which took effect as of the close of business hours on May 22. Shashwat Goenka, who already holds a directorship on the company’s board, currently serves as the sector head for retail and FMCG within the group.

The company made an announcement through a stock exchange filing, stating that the change in leadership is part of its succession planning strategy. Given Shashwat Goenka’s oversight of the company’s affairs and his existing role within the group, it was deemed appropriate for Sanjiv Goenka, as a non-executive non-independent director, to step down from his position.

The company also emphasised its ongoing expansion efforts, development of private brands, focus on non-food segments (including own branded apparel), and improvement of margins through the discontinuation of loss-making or low-margin stores.