ITC boss Y C Deveshwar steps aside for young

KOLKATA: Come February, 2017 and ITC chairman Y.C. Deveshwar (69) will step aside from his executive role in the company after a two-decade long stint, to “put in place a youthful leadership at the helm”.

He will, however, continue as the non-executive chairman for the next three years. The name of the next CEO will be announced in due course, top company officials said.

When Mr Deveshwar had taken up the reins in mid-1990s, ITC had been confronted with formidable challenges with diversification efforts either failing or were languishing. The company at that time was also fighting a tough legal and otherwise battle with its erstwhile shareholders BAT.

Mr Deveshwar assumed office as executive chairman in January, 1996. He had joined the company in 1968. In a notice to the shareholders, ITC said that Deveshwar, who will complete his present term on February 4, 2017, has expressed “his desire to shed the executive role” and “put in place a youthful leadership.”

It will seek shareholders’ nod at the upcoming AGM on July 22 to appo-int him as a non-executive director and chairman for three years.