ITC appoints Sanjiv Puri as Chairman and Managing Directorhttps://indianexpress.com/article/business/companies/itc-sanjiv-puri-chairman-managing-director-yc-deveshwar-5725325/

ITC appoints Sanjiv Puri as Chairman and Managing Director

Puri's elevation comes after noted industry leader and erstwhile ITC Chairman Y C Deveshwar passed away Saturday morning after a brief illness.

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Sanjiv Puri. (Souce: Twitter/ITC)

Diversified ITC Group Monday announced elevation of its MD Sanjiv Puri as the Chairman and Managing Director of the company.

Puri’s elevation comes after noted industry leader and erstwhile ITC Chairman Y C Deveshwar passed away Saturday morning after a brief illness. Deveshwar (72) had stepped down from executive role in 2017 but remained as a chairman in  non-executive capacity.

Explained | The importance of ITC Chairman Y C Deveshwar

“The Board of Directors of the company at the meeting held today 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 and Managing Director of the company,” ITC said in a regulatory filing.

Also read | YC Deveshwar transformed ITC from a cigarette firm to India’s fifth most valued company

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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 Sanjiv Puri.