Sanjay Behl steps down as CEO of Raymond’s lifestyle business

After a 7-year-long stint as the CEO of the lifestyle business at Raymond Ltd., Sanjay Behl will be stepping down from the role.

Raymond is India’s largest integrated worsted suiting manufacturer and has a retail network of over 1,500 stores in more than 600 cities.

The news of Sanjay’s’s departure dwindled the shares of the company which started trading at 435 a piece and slid to 413.50 a piece, reporting a decline of 5.05 per cent for the day.

The retailer said that the current development was owing to their efforts to transition into a new company. Raymond Group had announced the demerger of the lifestyle business into a separate entity, ‘Raymond Lifestyle’, through a new listed company, which will have the existing business of branded textiles, branded apparels and garmenting.

Till the company finds a suitable executive to fulfil the role, Sanjay has agreed to help in a seamless transition.

While Sanjay Behl is leaving the company on a good note and hopes to pursue other professional interests, Gautam Hari Singhania, Chairman and Managing Director, Raymond Group, averred, “Raymond is managed by a strong team of professionals and we are confident of hiring the best-in-class CEO for the proposed listed entity as we embark on a new phase of transformation at Raymond Reimagined.”

Raymond reported a surge of 402.9 per cent to Rs. 195.28 crore in consolidated net profits and a 12.6 per cent increase in net sales to Rs. 1,885.43 crore for December 2019 as compared to the same period the previous year.