Spencer’s Retail’s Mohit Kampani quits, hunt for a successor

Mohit Kampani, Managing Director, Spencer’s Retail has put in his papers. His resignation has been accepted and he will be in office till July. This is the second time that he put in his papers. Around a year ago he had resigned but his resignation was not accepted. The apparent reason behind Kampani’s resignation is that he was not able to perform independently. He is even believed to have had difference of opinion with the promoters.

Sanjiv Goenka’s son Shashwat was made the de facto head three years ago and was mentored by Kampani. Together they were instrumental in trimming down losses by shutting down unviable stores, moving out of unprofitable markets like Mumbai, expanding presence with large-format hypermarkets and focusing on non-food merchandise which have higher margins. Kampani also led the company’s online foray which led to the acquisition of meragrocer.com in December. Spencer’s Retail, the supermarket chain run by RP Goenka, expects to have a turnover of Rs 5,000 crores revenue by fiscal 2018.