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ITC’s YC Deveshwar Passes Away At The Age of 72 Years
May 14, 2019
ITC’s longest-serving chief, YC Deveshwar, passed away on the morning of May 11, 2019. His wife and two children survive him. Deveshwar, an alumnus of IIT Delhi and Harvard Business School, had joined ITC in 1968. Under his leadership, ITC went on from being a cigarette major to other sectors that include FMCG, hotels, paperboards, agriculture and so on. During his tenure, the company saw a 50-fold rise in market capitalisation and valued Rs 3,50,000 crore.
He received the Padma Bhushan, India’s third highest civilian award, in 2011. Deveshwar also served as the president of the industry body CII and was conferred the CII President’s Award for Lifetime Achievement in April 2018.
Officials at ITC Ltd. stated that the managing director Sanjiv Puri is to take over as Chairman of the company.
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