Bata India names Sanjay Rao as MD & CEO, shares surge over 16%

New Delhi: Footwear giant Bata India Ltd on Thursday announced the appointment of Sanjay Rao as its new Managing Director and Chief Executive Officer.

Rao succeeds Gunjan Shah, who will complete her tenure after completion of her five-year tenure to run the business, Bata India Ltd said in a filing with regulators.

Bata joins India from Nike, where he last served as senior director at Nike Retail, overseeing the French and Benelux markets.

Rao brings with him more than two decades of retail and consumer leadership experience across India, South Asia, China and Europe.

Prior to Nike, Rao spent several years at Inditex, where he played a key role in building Zara’s business in India through its joint venture with the Tata Group. He subsequently held senior leadership positions in India, South Asia and China, the company said.

He also added that he served as Guess Country Director in France and holds an MBA from INSEAD.

“Sanjay brings deep retail and consumer experience, international perspective and a strong understanding of the Indian market. He knows how to build a business, develop a team and create momentum,” said Bata Group CEO Panos Mytaros.

Pointing out that India is one of Bata Group’s most important markets and one of its biggest long-term growth opportunities, he said, “Bata India has a strong brand, deep consumer trust, strong fundamentals and significant room for growth.” he said.

Investors welcomed the leadership announcement and Bata India’s shares rose sharply. The stock rose more than 17% during intraday trading before ending the session at . ₹790.45 per person, an increase of 16.54%, or ₹112.20 compared to previous close.