ITC CEO Deveshwar to slip into non-executive role from Feb 2017

NEW DELHI: Diversified business conglomerate ITC Ltd on Tuesday announced that its longest-serving chief executive officer, YC Deveshwar, has decided to slip into

NEW DELHI: Diversified business conglomerate ITC Ltd on Tuesday announced that its longest-serving chief executive officer, YC Deveshwar, has decided to slip into a non-executive role from February 2017, and continue as non-executive chairman till 2020. Deveshwar is currently ITC’s executive chairman and CEO, posts he had held for the last 20 years.

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At the company’s forthcoming annual general meeting (AGM), ITC will place a resolution regarding the appointment of Deveshwar as a non-executive director not liable to retire for rotation, and chairman of the company for a period of three years with effect from February 5, 2017, for shareholders’ approval. “Mr Deveshwar will complete his present term on February 4, 2017. This AGM will be his last as chief executive officer of the company,” according to the explanatory statement of the notice. “The Board of the company have resolved to put on record on the occasion of this AGM, the immense contribution of Mr Deveshwar to the transformation of ITC under his leadership,” it added.

Deveshwar joined ITC in 1968 and became the chief executive and chairman of the board on January 1, 1996. Harvard Business Review ranked him as the 7th best-performing CEO in the world. His re-appointment as a director, whole-time director and chairman for a period of five years with effect from February 5, 2012 was approved in the company’s AGM in July 2011.

ITC is grooming its younger executives for top profiles. Last year, the company announced changes in senior positions, including the elevation of executive director Sanjiv Puri and president (FMCG business) B Sumant.