Department store chain Shoppers Stop has appointed Pankaj Chaturvedi as Chief Financial Officer, effective April 1, 2026, as the company navigates intensifying competition and moderating consumer spending in India’s retail sector.

Chaturvedi will replace Karunakaran Mohanasundaram, who has served as finance chief since 2018 and is stepping down to pursue opportunities outside the organization. The leadership transition arrives during a challenging period for Indian retail, with Shoppers Stop recently reporting a 69% decline in third-quarter profit.

Chaturvedi brings 19 years of finance expertise across media, telecommunications, and consumer businesses. He is currently CFO at Saregama India Limited and has previously held senior positions at Vodafone and Reliance Jio, where he gained extensive experience in large-scale operations, financial strategy, and transformation initiatives.

A chartered accountant by profession, Chaturvedi holds a Master’s degree in Commerce with specialization in Accounting and Finance from Gujarat University. His expertise encompasses core accounting, planning, business partnering, treasury, and risk assurance.

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During his career, Chaturvedi served as Head of National Business Finance at Vodafone and held leadership positions at companies including Go Airlines (India) and Hitchati. His background in telecommunications and consumer-facing sectors positions him to navigate the evolving retail landscape.

The appointment comes as India’s organized retail sector confronts mounting pressures from both online and offline competitors, alongside signs of changing consumer spending patterns. Following the CFO announcement, Shoppers Stop’s stock closed at ₹409.2 on the NSE, up 2.2% from the previous session.