Raymond Limited’s Lifestyle Business chief executive officer Sanjay Behl will step down from his role after seven years. The decision was a natural transition as the group was in the process of forming a new firm focussed on lifestyle business as part of its demerger process, it said in a statement. Behl will help in the transition till a new chief is hired.
The company said the process to appoint a new CEO is under way.Raymond Limited's Lifestyle Business chief executive officer Sanjay Behl will step down from his role after seven years. The decision was a natural transition as the group was in the process of forming a new firm focussed on lifestyle business as part of its demerger process, it said in a statement. Behl will help in the transition till a new chief is hired.#
In November last year, Raymond had announced the demerger of its core lifestyle business into a separate entity that will be listed through the mirror shareholding structure. Every shareholder of Raymond will be issued shares of the new company in the ratio of 1:1.
Raymond Group has already initiated the process of completing the formalities for listing the new lifestyle entity, Raymond Lifestyle Ltd., which will have the existing business of branded textiles, branded apparel and garmenting.
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