MAM
Shoppers Stop checks out a new CFO as Pankaj Chaturvedi steps in
Retailer names Saregama finance chief to take charge from April 2026.
MUMBAI: In a classic case of numbers meeting new narratives, Shoppers Stop has pressed refresh on its finance leadership, appointing Pankaj Chaturvedi as chief financial officer with effect from April 1, 2026.
Chaturvedi will take over from Karunakaran Mohanasundaram, who has held the CFO role since 2018 and is stepping down to explore opportunities outside the company, the retailer said in a statement.
Currently the CFO at Saregama India Ltd, Chaturvedi brings with him a blend of consumer, media and telecom experience. Over the years, he has held senior finance roles at Vodafone and Reliance Jio, giving him a ringside view of large-scale operations, digital transitions and fast-evolving consumer businesses.
At Shoppers Stop, the appointment comes at a time when organised retail is navigating cautious spending, rising costs and sharper competition, making financial stewardship a central part of the growth story. Chaturvedi is expected to oversee the company’s finance strategy as it balances expansion ambitions with tighter margins and changing shopper behaviour.
Mohanasundaram’s departure marks the end of a steady seven-year tenure during which he guided the department store chain through pre-pandemic growth, Covid-led disruption and the gradual recovery that followed.
With a new CFO lined up well ahead of the handover, Shoppers Stop appears keen to ensure continuity at the till, even as it prepares for the next phase of its retail journey.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
