The board of directors of ITC Ltd on Monday appointed Managing Director Sanjiv Puri as the new Chairman of the company. The FMCG major said in a regulatory filing that this has been done with immediate effect following the demise of YC Deveshwar, who was the Chairman and Non-Executive Director of the company.
“…the Board of Directors of the company at the meeting held today (Monday) appointed Sanjiv Puri, Managing Director, also as the Chairman of the company with effect from May 13, 2019. Consequently, Puri’s new designation is Chairman & Managing Director of the company,” ITC said in the regulatory filing.
Puri is 56-years-old.
Deveshwar, who was the company’s longest serving corporate head, died on Saturday. He was 72. He had become the Chairman of the company in 1996. In February, 2017, Deveshwar was appointed as Chairman in a non-executive capacity. He had been ill for the last few months. Many leaders from different political parties and industrialists were seen expressing their grief and condolences. They had done this on Twitter and other social media.
Prime Minister Narendra Modi, too, recalling his contributions towards the Indian Industry, expressed grief over Deveshwar’s death and said his thoughts were with his family, friends and the ITC group.
“Shri YC Deveshwar made a strong contribution to Indian industry. His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and the ITC group in this hour of grief,” Modi tweeted.
Between 1991 and 1994, Deveshwar led state-owned carrier Air India as its chairman and managing director. He was also a director on the central board of the Reserve Bank of India.
Deveshwar stepped down as the chief executive of ITC Ltd, India’s largest cigarette maker, in 2017 and was serving as non-executive chairman.