Bengaluru, July 17 -- B.S. Nagesh has stepped down as chairman of Shoppers Stop Ltd after more than three decades at the helm. His retirement, announced at the company's annual general meeting on Thursday, marks the end of an era for the retailer, which is battling a series of senior-level exits and rising competition.

The Mumbai-based company's board has appointed Nirvik Singh, international president at advertising and marketing agency Grey Group, as the new chairman effective 18 July, it said in a statement. Singh has been the director of Shoppers Stop since June 2008.

Nagesh was part of the founding team that launched Shoppers Stop in 1991. Under his leadership, the company expanded from a single store in Mumbai to a national footpr...