Three-decade ITC veteran Puri has been appointed as the new Chairman of the company.
Managing Director Sanjiv Puri, who comes on as Chairman takes over the legacy of Y.C. Deveshwar, ITC’s longest serving chairman died on 11 May.
“What Deveshwar was able to do was bring in a big vision to the company. While their styles were very similar in the way they envisioned the future for ITC, the one difference was perhaps the way Puri was able to bring about more technology into the company.” a senior executive in the FMCG business said anonymously.
- Puri is expected to keep up the momentum in company’s plans of further diversifying the business.
- Analysts believe ITC has been on a good strategy of diversifying its portfolio under Deveshwar and little is expected to change under Puri.
- Puri was anyway on course to take over from Deveshwar by 2021-22, and was being mentored by the late chairman himself.
- Deveshwar is credited with diversifying ITC from a cigarettes company to one with interests in retail, packaged foods, paper and packaging.
- Under Deveshwar, ITC’s revenue grew ten-fold to ₹51,500 crore during the two decades of his charge.
Puri’s task is now cut out to lead the company forward on Deveshwar’s vision. An old ITC veteran, and an IIT Kanpur and Wharton alumnus, Puri has worked across ITC’s functions, including heading the Nepal subsidiary, and packaged consumer goods segment.
Puri also spearheaded the company’s entry into new businesses like juices and dairy. He led acquisition of brands like Savlon and Shower to Shower.
ITC’s 2030 Tobacco-free vision
Under Deveshwar, ITC took up an ambitious target of growing into an FMCG business (non-cigarettes) with a trillion dollar revenue by 2030 while simultaneously reducing reliance on tobacco business which currently account for over 40% of its revenue.
Puri’s wide experience across ITC’s fast-moving consumer goods (FMCG) segment is expected to help the cause as the company alters its long-term direction.