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.