The ITC Group on Monday announced elevation of its Managing Director Sanjiv Puri as the Chairman and Managing Director of the company.
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.
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.