Under the leadership of Isha Ambani, daughter of Reliance Industries Chairman Mukesh Ambani and Executive Director of Reliance Retail, India’s largest retailer has taken the support of NRIs to streamline its operations. This initiative aims to enhance the efficiency of Reliance Retail’s grocery chain and its online fashion platform AJIO.
According to a report by the Economic Times, Reliance Retail has hired expatriates from Europe, America, and South Asian countries to streamline operations and boost margins. Additionally, these NRIs are tasked with mentoring a group of young Indian entrepreneurs to equip them for future challenges. The company aims to prepare these emerging business leaders for success in the coming years.
The report suggests that at least five chief executives, aged between 50 and 60, may take on mentorship roles as advisors or could retire in the coming years. In light of this, the company intends to replace them with young business leaders.
The report quoted a Reliance Retail executive who mentioned that 20 to 30 professionals, including both expatriates and Indian nationals, have recently been hired as consultants. Their roles focus on supply chain management, finance, operations, various product categories, inventory management, and particularly on improving profit margins.
The report states that Reliance Retail has begun developing a succession plan to replace top executives aged 50 to 60 in the near future. This decision comes at a time when the company lacks a formal retirement policy.
Positions that may soon change include the Managing Director of Reliance Retail Ventures, currently held by V. Subramaniam, the Chief Executive Officer of Grocery Retail, held by Damodar Mall, as well as the CEOs of the Electronics Retail Business, Brian Bed, and the Lifestyle and Fashion Retail Business, Akhilesh Prasad.
In addition, the CEOs of AJIO and Reliance Trends, Vineet Nair and Vipin Tyagi, may also be replaced. While it has not yet been determined when these leaders will transition to mentorship roles, Reliance Retail has initiated its succession planning, similar to other major corporations. These senior executives are actively training and grooming their successors, with support from experienced NRIs.
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