Varun Berry steps down as Britannia MD & CEO, effective immediately
Britannia Industries appoints Rakshit Hargave as new MD& CEO from 15 December 2025. CFO Natarajan Venkataraman to serve a dual role, in the meanwhile.
Varun Berry has resigned as the chief executive officer of Britannia Industries Ltd., less than a week after the company declared its second-quarter results. In fact, Berry had put in his papers the very next day.
The resignation is effective immediately as the board of directors has decided to waive off the notice period for the outgoing CEO, according to an exchange filing on Monday (10 November 2025).
“Accordingly, he shall be relieved from the services of the company with effect from the close of business hours on 10th November, 2025,” the filing stated.
Separately, the company's board approved the appointment of Additional Director Rakshit Hargave as Britannia Industries as both MD& CEO from 15 December. In the interim, CFO Natarajan Venkataraman will have a dual role.
It was on 8 May that MD Varun Berry was given additional charge as Britannia CEO after Rajneet Kohli resigned from the position.
“It is a statutory requirement that the position of CEO has to be filled,” Berry had said then. "But succession planning is at play, and it will definitely be clear to you in the next three to four months, things are in play. I cannot comment on anything more than that right now.”
Britannia under Varun Berry
Berry joined Britannia is 2013 as vice president and chief operating officer. He effectively became the face of the company, transforming Britannia into a food-sector powerhouse from merely a biscuit maker.
Between FY13 and FY25, Britannia's revenue grew nearly three times to ₹17,942.67 crore, even as net profit surged 250% to roughly ₹2,178 crore. Berry focused on profitable growth, which showed in the company's EBITDA margins—7.8% in FY13 to 16% in FY25.
In the just-concluded July-September quarter, Britannia's consolidated net profit rose 23.23% year-on-year to ₹655.06 crore, on revenue that rose 3.7% to ₹4,840.63 crore.
The outperformance over the years made him the MD in 2019 and then CEO in May 2025 when Kohli left the helm. It's yet unknown what Berry plans to do after Britannia.
On Monday, Britannia shares fell 0.46% to ₹6,132.15 apiece on the BSE even as the benchmark Sensex ended the day 0.38% higher at 83,535.35 points.
