Shoppers Stop Announces New Chief Financial Officer Pankaj Chaturvedi
In a significant leadership development, department store chain Shoppers Stop has officially announced the appointment of Pankaj Chaturvedi as its new Chief Financial Officer (CFO), effective from April 1, 2026. This strategic move was confirmed by the company in a formal statement released on Tuesday, as reported by news agency Reuters.
Transition in Financial Leadership
Chaturvedi will be taking over the finance chief responsibilities from Karunakaran Mohanasundaram, who has decided to step down from his position. Mohanasundaram has served as the CFO of Shoppers Stop since 2018 and is now pursuing opportunities outside the company, according to the official announcement. This management transition marks a pivotal moment for the retail giant as it navigates a complex and evolving market landscape.
Challenging Retail Environment in India
The appointment comes at a particularly challenging time for India's retail sector, which is currently grappling with multiple pressures. The industry faces intensifying competition from both online e-commerce platforms and traditional offline players, creating a highly competitive environment. Additionally, there are emerging signs of moderating consumer spending, which further complicates the operational dynamics for retailers across the country.
Amid this backdrop, Shoppers Stop has reported a sharp 69% drop in its third-quarter profit, highlighting the significant financial pressures the company is experiencing. This decline underscores the tougher operating environment that the retail chain must navigate as it seeks to stabilize and grow its business in a saturated market.
Profile of the New CFO: Pankaj Chaturvedi
Pankaj Chaturvedi brings a wealth of experience to his new role at Shoppers Stop. He is currently serving as the CFO at Saregama India Ltd. and has an extensive background in the telecom sector, having previously held senior finance positions at major companies such as Vodafone and Reliance Jio. At Vodafone, he notably served as the Head of National Business Finance, demonstrating his capability in managing large-scale financial operations.
Professionally, Chaturvedi is a chartered accountant and holds a Master’s degree in Commerce with a specialization in Accounting and Finance from Gujarat University. According to his LinkedIn profile, he has accumulated 19 years of experience as a finance professional, with expertise in several key areas:
- Core accounting and financial planning
- Business partnering and strategic finance
- Treasury management and risk assurance
Prior to his current role at Saregama, Chaturvedi also served as the CFO at Go Airlines (India) Ltd. until April 10, 2022. Information regarding his personal life remains private and is not publicly available.
Market Reaction and Share Performance
Following the announcement of the new leadership, Shoppers Stop's share price showed a positive response in the stock market. On Tuesday, the company's shares closed at ₹409.2, reflecting a gain of 2.2% or ₹8.8 per share, according to data from the National Stock Exchange (NSE).
Over the longer term, Shoppers Stop has delivered substantial returns to investors, with the stock providing more than 94% returns over the last five years. However, in the more recent period, the company's shares have faced challenges, losing 31% of their value in the last one year. This volatility highlights the ongoing pressures in the retail sector and the critical importance of effective financial leadership in steering the company through these turbulent times.
The appointment of Pankaj Chaturvedi is seen as a strategic step by Shoppers Stop to strengthen its financial management and adapt to the demanding retail environment. As the company prepares for this transition in 2026, stakeholders will be closely watching how the new CFO leverages his extensive experience to address the financial challenges and drive growth in a competitive market.
