Shashwat Goenka has been elevated as the chairman of hypermarket retailer Spencer’s Ltd ‘‘as part of a succession planning’’ after his father Sanjiv Goenka stepped down from the board of the company.

In a regulatory filing with the bourses, Spencer’s said that ‘‘as a part of succession planning and since Shashwat Goenka is overseeing the affairs of the company, Sanjiv Goenka being the non-executive non independent director has stepped down from the position of chairman and director of the company with effect from close of business hours on May 22, 2023’’.

Pursuant to that Shashwat Goenka has been appointed by the board, which met on Monday to finalise the fourth quarter and FY23 results, as the chairman of the company with effect from May 23, 2023.

This is the first instance where Sanjiv Goenka is stepping down from the board berth of a listed company of the eponymous RP-Sanjiv Goenka Group, which earns $4 billion in revenue. Following the reshuffle, he will continue to remain on the boards of CESC Ltd, the flagship of the group, Saregama Ltd, PCBL (formerly Philips Carbon Black) Ltd, RPSG Ventures and Firstsource Solutions Ltd.

Shashwat, 31, is on the board of all the listed companies of the group headed by his father, barring entertainment major Saregama Ltd. He is also the vice-chairman of CESC, which supplies electricity to Calcutta, according to disclosures made by the individual companies.

Spencer’s results

The retailer posted a loss of Rs 61.22 crore in Q4FY23, compared with Rs 42.47 crore loss in the same period of FY22 on a consolidated basis. Revenue from operations inched up marginally to Rs 543.39 crore in Q4FY23 from Rs 541.84 crore in Q4FY22.