Jubilant FoodWorks Ltd. informed that its longtime Chief Executive Officer Ajay Kaul resigned from the company.
NEW DELHI: Ajay Kaul, who was with the fast food chain operator for 11 years, will continue in his current role till March 31, 2017, Jubilant FoodWorks said in an exchange filing. The search for a successor has been initiated, the company added.
Dwindling earnings, narrowing margins and increasing competition have weighed on the company’s stock, which has fallen 48 percent from its all time high of Rs 1,931 made on September 8, 2015.
Jubilant FoodWorks’ net profit fell 31 percent to Rs 19 crore in the quarter ended June, and the company’s same store sales contracted by 3.2 percent.