Comments
Yogesh Chander Deveshwar will step down as Executive Chairman of ITC on February 5, 2017 and become non-executive chairman for three years, according to the notice for the 105th annual general meeting of the company to be held on July 22.
He took over as Executive Chairman in January 1996.
Over the last two decades, Deveshwar has developed a strong non-cigarette line of business leading to 10-fold growth in turnover and 33 times rise in PBT. “Deveshwar assumed office…when the company was confronted with formidable challenges. The early diversification efforts had either failed or were languishing…and, the company’s reputation was at a low ebb” (owing to a BAT-ITC ownership tussle and alleged FERA violations), the notice said.
“The …Compensation Committee and the Board have strongly urged Mr Deveshwar to continue for a longer period in his present role,” the notice said, adding that he had, however, expressed his desire to shed the executive role and put a youthful leadership team in place at the helm.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.