Its one of the most surprising news in the retail industry in recent times as the parent company of McDonalds announces that Vikram Bakshi will no longer be the Managing Director of the North East JV of the fast food major.
According to reports, Bakshi’s tenure has ended 17th July 2013 and will no longer be the MD. Moreover, the operations will currently be taken care of by the international operations until “a new mananging director is appointed”.
While on the other hand, Bakshi informs that he will still be the Director of the company as he owns 50 per cent stake in the JV. It is also possible that Bakshi will move Company Law Board (CLB) and will not sell his stake either to the US partner or the second master franchisee Harcastle which currently owns complete stake in the South-West operations.
Reason: Expansion of number of stores did take place but unlike the other master franchisee. While in 2009-10 Jatia led operations had 78 stores, they now operate 166 stores, Bakshi led operations has only moved from 90 to 153 stores.