New Delhi, Aug 25 (IANS): The stock price of Shoppers Stop slumped more than 10 per cent on Friday after its CEO resigned.

Shoppers Stop was trading at Rs 727.50, down 10.35 per cent on BSE.

Venu Nair, Managing Director and Chief Executive Officer of the Company, has tendered his resignation, effective from the close of business hours of August 31, due to personal reasons, to enable him to spend more time with his family and explore other options.

The Board of Directors of the Company has accepted his resignation and placed on record their appreciation for the contribution made by him during his tenure.

To ensure a seamless transition, he will continue to guide and advice the CEO over the next six months, in his capacity as a Company official.

Based on recommendation of Nomination, Remuneration and Corporate Governance Committee, the Board of Directors of the Company, approved the appointment of Kavindra Mishra as an Additional Director of the Company w.e.f. September 1.

He has also been promoted from his position as Chief Commercial Officer and CEO -- Homestop to Executive Director & Chief Executive Officer of the Company for a period of three years effective September 1,, subject to approval of shareholders of the Company.

B.S.Nagesh, Non-Executive Chairman of the Company will handhold during the transition period. He will also mentor and coach the Executive Director & Chief Executive Officer of the Company.