YC Deveshwar,Chairman ITC passes away
ITC group became a diversified group into the FMCG space was running under the leadership of YC Deveshwar, chairman of the ITC group, passed away at the age of 72.
Sources said, he was diagnosed with cancer a few years ago. Deveshwar joined ITC in 1968 and became the executive chairman of the company in 1996. Deveshwar moved to the role of non executive chairman in 2017,whereas, Sanjiv Puri is the current CEO and MD of the company .
ITC Ltd MD Sanjiv Puri said Deveshwar had passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value. This vision drove ITC to pursue business models that today supports over 6 million livelihoods, many amongst the weakest in society.
"Inspired by a patriotic fervour, manifest in his clarion call of 'Lets Put India First', he led ITC's strategic thrust to create an exemplary Indian enterprise dedicated to serving national priorities," said Puri.
Deveshwar was conferred Padma Bhushan by the government. He was also ranked the seventh best performing CEO in the world by the
Harvard Business Review.
"His leadership transformed ITC into a valuable and admired multi business conglomerate with a robust portfolio of front-ranking businesses in FMCG, hotels, paperboards and paper, packaging and agri-business. His Vision to make societal value creation a bedrock of corporate strategy also led ITC to become a global exemplar in sustainability and the only company in the world to be carbon positive, water positive and solid waste positive for over a decade," said Puri.
Puri said, Deveshwar's "superordinate vision to build an exemplary Indian enterprise, to serve national priorities, create the businesses of tomorrow, impeccable values and personal integrity, the width and depth of his strategic thinking and his compassionate conduct of business" will continue to inspire ITC going ahead.