The setting up of Future Value Retail, which owns and manages value formats Big Bazaar and Food Bazaar, as a separate company, has led to a shuffle of management portfolios within the group. Rakesh Biyani, Chief executive of Future Retail, will be managing director of Future Value Retail Ltd. Kailash Bhatia, chief executive of fashion business at Pantaloon Retail, will be the new chief executive of Pantaloon Retail India, the Future Group’s listed entity and will join the board of Pantaloon Retail. Bhatia will take on the responsibility of managing Pantaloons, the department stores of the group and lead the fashion business. Sadashiv Nayak, president of Big Bazaar, will be the joint chief executive of Future Value Retail, with charge of South and East India. In addition, he has been made responsible for growing independent Food Bazaar Stores. Sanjeev Agrawal, CEO of Pantaloons, will be joint CEO of Future Value Retail and look after the north and west, including Gujarat and Rajasthan. Agrawal will be responsible for managing and growing independent Fashion@Big Bazaar Stores. Damodar Mall, the group customer director of Future Group will head the integrated food strategy for the group, which includes farm-fresh, staples, FMCG and private brands. All the top executives will report to Rakesh Biyani in their new roles. In a separate move, Mayur Toshniwal, currently head of the group’s north operations, has been made chief executive of the telecom business. Future Group had announced a telecom venture with the Tatas recently, where the group will sell co-branded talktime in its stores. Toshniwal will report directly to Kishore Biyani.