ITC’s Board approved the elevation of chief operating officer Sanjiv Puri as chief executive officer to succeed Y.C. Deveshwar.
Mr. Deveshwar relinquished his executive duties after 21 years to play a mentor’s role, as chairman and non-executive director.
ITC Limited or ITC is an Indian conglomerate headquartered in Kolkata, West Bengal. Its diversified business includes five segments: Fast-Moving Consumer Goods (FMCG), Hotels, Paperboards & Packaging, Agri Business & Information Technology.
Established in 1910 as the Imperial Tobacco Company of India Limited, the company was renamed as the Indian Tobacco Company Limited in 1970 and further to I.T.C. Limited in 1974.
The company has an annual turnover of US$8.31 billion and a market capitalization of US$45 billion. It employs over 25,000 people at more than 60 locations across India and is part of Forbes 2000 list.