Mumbai: Retail store chain V-Mart Retail Ltd has announced the appointment of Aakash Moondhra as chairman of the company. The company also announced a strategic change in its leadership structure, with the role of chairman and managing director now being split and Moondhra (independent director) being designated as chairman, while Lalit Agarwal would continue in his role as managing director.
Moondhra is PayU's global CFO and continues to remain an independent director on the board of VMart. “I am thankful to the Board for posing the confidence in me and I will try my best to contribute in making VMart an even better organisation than it already is and I look forward to this exciting journey together with the fellow board members," Moondhra said on his appointment. “The purpose behind this role separation is not merely with related compliance; rather, it is to ensure an even better and balanced governance structure and effective guidance to the management."
Founded in 2002, V-Mart is an omnichannel retail store chain offering fashion apparel, footwear, home furnishings, general merchandise, and Kirana. Primarily focusing on tier 2 and 3 cities, V-Mart is present pan-India with 368 stores in 26 states, the company follows the concept of ‘value retailing’ for the affordable fashion of the rapidly-expanding middle class, stated the brand.
“The appointment of Aakash as the chairman will herald a new era of corporate governance in the company," said Lalit Agarwal. "Aakash has been a torchbearer of ethics and governance and this indeed is a big change for a so far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture.”
“In the long run, this diversion of roles would surely benefit all stakeholders in our value chain. It is a key to promote overall Board independence while enabling me to focus even more deeply on driving company growth, value creation for all our shareholders, and day-to-day company management," he further said.
