Jubilant FoodWorks falls 14%, hits 52-week low on CEO Pratik Pota’s exit
Pratik Pota resigned as the CEO of the company as he looks to pursue an external opportunity
He will continue in his current role till June 15, 2022
The company has initiated the process of identifying its successor
Jubilant FoodWorks shares fell over 14% to Rs 2,444 and touched a 52-week low on the BSE in Monday's intra-day trade after Pratik Pota resigned as CEO.
The company informed stock exchanges about the departure on Friday. Pota will continue in his current role till June 15, 2022, and the firm has initiated the process of identifying his successor.
“We wish to inform you that the board of directors of the company in their meeting held on March 11, 2022, accepted the resignation of Pratik Rashmikant Pota as the CEO and whole-time director of the company as he wishes to pursue opportunities outside Jubilant FoodWorks Limited,” said the filing.
“The board places on record its sincere appreciation for the outstanding contribution made by Pota during his tenure with the company and wishes him the very best in his future endeavours,” the company said.
Pota joined Jubilant FoodWorks in 2017 and is given credit for turning the company around. Pota succeeded Ajay Kaul at a time when the company was dealing with the poor performance of Domino's brand.
Reacting to the development, Pota took to Twitter and wrote, "I will be moving on from Jubilant FoodWorks in June. I have spent five extremely fulfilling & eventful years here, and am immensely grateful for the support & trust of the Board, the JFL team & all other stakeholders."
He also wrote, "While I am proud of many things we accomplished in the last five years, I am without doubt proudest of the team of ambitious, determined, entrepreneurial, resilient & change-adept leaders we have built across JFL and the amazing team members across the stores & commissaries."
He added that he has no doubt that JFL will under their stewardship grow into being a multi-brand, multi-country, food tech powerhouse.
"I will be moving to pursue a quasi-entrepreneurial opportunity and will share more details soon. I am excited and also admittedly a little nervous, but moving ahead with a strong belief in my credo that, beyond fear lies victory…"
Pratik Pota has previously worked with Hindustan Unilever, Bharti Airtel and PepsiCo. According to his LinkedIn page, he began his career with Hindustan Unilever in 1993 as a sales manager. Before being named CEO of Jubilant FoodWorks, he served in several capacities for PepsiCo India.