ITC to extend YC Deveshwar's tenure by another two years

In the continuation of increasing size and complexities, conglomerate ITC Ltd is going to extend tenure of non-executive chairman YC Deveshwar by another two years from 2020 to 2022 for mentoring the senior management, according to ITC’s notice to shareholders for the 107th annual general meeting to be held here next month.

 

The notice said ITC’s nomination and compensation committee and board felt “it would be in the best interest of the company for Mr Deveshwar to continue in his capacity as chairman for some more time” till February 3, 2022.

 

The Indian Institute of Technology-Harvard Business School alumni was one of India’s longest-serving company bosses with over two decades at the helm as the executive chairman and chief executive officer at ITC Ltd till February 4, 2017. Deveshwar, who is 71 now had joined ITC in 1968, became a director in 1984 and the chief executive and chairman in 1996.

 

ITC’s board had decided that Deveshwar will continue as non-executive chairman till 2020 to mentor the senior management and lead the transition after he had stepped down. Sanjiv Puri was then appointed as the CEO and last month was re-designated as managing director.