Business Companies 14 May 2019 Sanjiv Puri appointe ...

Sanjiv Puri appointed ITC Chairman

DECCAN CHRONICLE. | RITWIK MUKHERJEE
Published May 14, 2019, 1:02 am IST
Updated May 14, 2019, 1:02 am IST
Puri, who has been Managing Director, will now be Chairman and Managing Director, the company said.
Y. C. Deveshwar
 Y. C. Deveshwar

Kolkata: Kolkata-headquartered diversified conglomerate ITC Ltd on Monday appointed Sanjiv Puri as the new chairman of the company with immediate effect, following the demise of its previous chairman, Y. C. Deveshwar. The company’s board, which met on Monday, also announced an 18.72 per cent growth in its quarterly net profit for the January-March period.

Puri, who has been Managing Director, will now be Chairman and Managing Director, the company said.

 

Puri, on his part, said, “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.”

Puri (56), who had taken over as MD from May 16, 2018, was appointed as a Director on the Board of ITC on December 6, 2015.

He became CEO on February 5, 2017 after the company split the role of the Executive Chairman into Chairman and Chief Executive Officer as part of succession planning in the company.

His elevation comes after Deveshwar (72), who remained as non-executive chairman, passed away Saturday morning after a brief illness.

ITC’s net profit, meanwhile, increased to Rs 3,482 crore from Rs 2,932 crore earned in the same quarter of the previous year. Total income during the quarter rose 14.26 per cent and stood at Rs 12,946.21 crore, compared to Rs 11,329.74 crore in the same period last fiscal. Ebitda increased to Rs 4,572 crore against Rs 4,144 crore in the year-ago period.

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