ITC appoints Sanjiv Puri as chairman; Q4 profit up 19%
TIMESOFINDIA.COM | Updated: May 13, 2019, 15:51 ISTHighlights
- Puri was appointed as the CEO and was widely considered as the successor of Deveshwar, who was the executive chairman of the tobacco-to-FMCG-to-hospitality conglomerate for 21 years
- Deveshwar stepped down as chief executive of ITC in 2017 and was serving as non-executive chairman
Sanjiv Puri (File photo)NEW DELHI: The board of directors of ITC Ltd, at a meeting on Monday, appointed Sanjiv Puri -- managing director of the FMCG gaint -- as the chairman of the company after the spot got vacated following the demise of Y C Deveshwar, it's longest-serving chairman.
Deveshwar passed away on May 11 at the age of 72. He was appointed as a director on the board of the company on April 11, 1984 and became the chief executive and chairman of the board on January 1, 1996, according to the ITC website.
He stepped down as chief executive of ITC in 2017 and was serving as non-executive chairman. In June 2018, the company decided to extend his tenure by another two years from 2020 to 2022 so that he could continue to mentor the senior management.
In 2017, ITC had split the role of the executive chairman between chairman and chief executive officer as part of succession planning in the company. Deveshwar had played the role of mentor to the executive management led by Puri.
Meanwhile, the company reported a profit of Rs 3,482 crore in the fourth quarter, up 18.71 per cent from Rs 2,933 crore posted in the same period last year.
ITC's year-on-year (yoy) revenue from operations jumped 12.88 per cent to Rs 12,206 crore.
The board of the company also recommended a dividend of Rs 5.75 per share for the fiscal ended March 31, 2019.
Shares of ITC closed 3.09 per cent down at Rs 288.50 on the BSE index.
(With agency inputs)
Deveshwar passed away on May 11 at the age of 72. He was appointed as a director on the board of the company on April 11, 1984 and became the chief executive and chairman of the board on January 1, 1996, according to the ITC website.
Political, business leaders pay rich tributes to ITC chairman Y C Deveshwar
Political and business leaders paid heartfelt tributes to ITC chairman Y C Deveshwar, who passed away Saturday morning after a brief illness. Politicians including PM Modi, Finance minister Arun Jaitley, West Bengal chief minister Mamata Banerjee expressed their condolences for the departed businessman. Various business associations too paid their respects.
He stepped down as chief executive of ITC in 2017 and was serving as non-executive chairman. In June 2018, the company decided to extend his tenure by another two years from 2020 to 2022 so that he could continue to mentor the senior management.
In 2017, ITC had split the role of the executive chairman between chairman and chief executive officer as part of succession planning in the company. Deveshwar had played the role of mentor to the executive management led by Puri.
Meanwhile, the company reported a profit of Rs 3,482 crore in the fourth quarter, up 18.71 per cent from Rs 2,933 crore posted in the same period last year.
ITC's year-on-year (yoy) revenue from operations jumped 12.88 per cent to Rs 12,206 crore.
The board of the company also recommended a dividend of Rs 5.75 per share for the fiscal ended March 31, 2019.
Shares of ITC closed 3.09 per cent down at Rs 288.50 on the BSE index.
(With agency inputs)
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