ITC chairman and noted industrialist Y C Deveshwar passed away Saturday after a brief illness. He was 72. Industry sources have confirmed though ITC has not officially announced the news.
Y C Deveshwar was India’s longest serving CEO and had received the Padma Bhushan in 2011, the country’s highest civilian award.
Deveshwar joined ITC in 1968 and subsequently became the company’s executive chairman in 1996. Later in 2017, he was moved to the role of non-executive chairman. Sanjiv Puri is the current CEO and MD of the company.
Explained | The importance of ITC Chairman Y C Deveshwar
Prime Minister Narendra Modi tweeted Saturday, “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.”