Omnichannel retail store chain V-Mart Retail has announced to onboard Aakash Moondhra as new company Chairman. Moondhra is the Global CFO of PayU, a Naspers group company, and continues to remain an Independent Director on the board of VMart.
V-Mart Retail offers fashion apparel, footwear, home furnishings, general merchandise, and Kirana. Primarily focusing on Tier II and Ill cities, V-Mart is present pan-India with an average store size of 8,000 sq ft. V-Mart has 368 stores in 26 states.
“The appointment of Aakash as the chairman will herald a new era of corporate governance in the company. 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,” Lalit Agarwal, Managing Director, V-Mart Retail, said.
V-Mart Retail has also announced a strategic change in its leadership structure. The role of Chairman and Managing Director is now being split, with Aakash Moondhra (Independent Director) being designated as Chairman, while Lalit Agarwal would continue in his role as Managing Director.
According to the company, the purpose behind this role separation is not merely related to compliance, rather, it is to ensure an even better and balanced governance structure and effective guidance to the management.
Speaking on the appointment Aakash Moondhra, Chairman, V-Mart Retail said, “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 organization than it already is and I look forward to this exciting journey together with the fellow board members.”
