FMCG giant ITC named its MD Sanjiv Puri as the new Chairman, following the demise of veteran YC Deveshwar. We take a closer look.
FMCG giant ITC named its MD Sanjiv Puri as the new Chairman, following the demise of veteran YC Deveshwar. Consequently, Puri now holds the designation of being ITC’s Chairman & Managing Director. Puri had been the MD at the diversified firm since May-18. Following his elevation, Sanjiv Puri said that it is an honour and privilege to be appointed the chairman of ITC. He added that he accepts the responsibility with humility, and resolved to build on the outstanding legacy nurtured by the firm over the years, and further strengthen and build market leadership across all business segments while at the same time reinforcing the firm’s commitment to put nation first.
Notably, Sanjiv Puri joined the FMCG giant way back in 1986. Puri is an alumnus of the Indian Institute of Technology, Kanpur, and Wharton School of Business. Puri has served at several positions in ITC in his 33-year long tenure so far.
He had become the Managing Director of ITC effective May 16, 2018. Prior to that he was appointed as a Director on the Board of ITC in December 6, 2015 and CEO from February 5, 2017. Puri has also served as the Chief Operating Officer (COO) of ITC, before taking on the role of being the CEO.
Puri’s elevation comes at a time when ITC has diversified its product portfolio and the reliance on growth from cigarettes is declining. With a market capitalisation topping Rs 5.6 lakh crore, ITC has growth to become India’s 5th largest firm by the metric.
In the latest quarter, ITC reported a revenue of Rs 12,206 crore, as compared with Rs 10,586.80 crore in the corresponding period previous fiscal. The EBITDA rose by more than 10.3% in the quarter to Rs 4,572 crore. The margin came in at 31.8% as compared to an ET Now poll of 39%. The firm’s board has recommended a dividend of Rs 5.75 per share of Rs 1/- each for the financial year ended 31st March, 2019. The dividend is subject to shareholder approval, the meeting for which will be held on Friday, 12th July, 2019.