Puri’s elevation comes after noted industry leader and erstwhile ITC Chairman Y C Deveshwar passed away Saturday morning after a brief illness. Deveshwar (72) had stepped down from executive role in 2017 but remained as a chairman in non-executive capacity.
“The Board of Directors of the company at the meeting held today appointed Sanjiv Puri, Managing Director, also as the Chairman of the Company with effect from May 13, 2019. Consequently, Puri’s new designation is Chairman and Managing Director of the company,” ITC said in a regulatory filing.
Puri said in a statement, “It is an honour and privilege to be appointed the Chairman of ITC Ltd. It is a responsibility that I accept with humility and with a deep resolve to build on the outstanding legacy nurtured over the years, further strengthen and build market leadership across all business segments whilst reinforcing ITC’s commitment to put Nation First always. In the journey ahead, I am sure I can count on the support of our shareholders, partners, associates and most of all, the dedicated Team ITC to continue our shared aspiration to build an exemplary enterprise of pride to the nation.”
In 2017, ITC had split the role of the Executive Chairman between Chairman and Chief Executive Officer as part of succession planning in the company.
Deveshwar had played the role of mentor to the executive management led by Sanjiv Puri.