Ajay Kaul's resignation post quarterly results 'pure coincidence': Jubilant

Jubilant FoodWorks shares tanked over 6 per cent a day after its CEO, Ajay Kaul resigned from his post. On Wednesday, the company went into damage control mode saying that Kaul’s decision to quit – just after the quarterly results – was “purely coincidental”.
“We would like to reiterate that Jubilant Foodworks is a professionally managed firm and will continue to pursue its well defined objectives. His announcement just after the quarterly results is purely coincidental and there is absolutely no correlation between the two,” read a Jubilant FoodWorks statement.
“He is at a juncture in his professional career where he wants to evaluate options and pursue his other interests,” the statement further read.
READ MORE: Jubilant Foodworks CEO Ajay Kaul steps down
Shares of Jubilant FoodWorks plunged 8.13 per cent in intra-day before closing at Rs 944.15 apiece, still down by 6.08 per cent, on the BSE.
On Tuesday, the company said its CEO & Whole-time Director Ajay Kaul will resign to pursue opportunities outside the company.
“Ajay Kaul, Chief Executive Officer and Whole-Time Director, has decided to step down… to evaluate and pursue opportunities outside the the Jubilant Bhartia Group. Ajay Kaul will continue in his current role till March 31,” Jubilant FoodWorks had said in a BSE filing.
WHO’S WHO: Ajay Kaul, Former CEO & Whole-time Director, Jubilant Foodworks Ltd
Jubilant FoodWorks, which operates Domino’s Pizza and Dunkin’ Donuts outlets in India, said it has initiated the process of identifying his successor.
Earlier this month, Jubilant FoodWorks had reported a 31.09 per cent fall in stand-alone net profit at Rs 18.99 crore as against a net profit of Rs 27.56 crore in the same period of the previous fiscal.
Its total income from operations went up by 6.69 per cent to Rs 608.91 crore during the quarter under review as against Rs 570.68 crore in the year-ago period.