ITC chairman Y C Deveshwar step down in 2017,continue as non-executive chairman for following 3 years.
KOLKATA: return February, 2017 and ITC chairman Y.C. Deveshwar (69) can step except for his govt role within the company once a two-decade long stint, to “put in situ a young leadership at the helm”.
He will, however, continue because the non-executive chairman for following 3 years. The name of following chief operating officer are proclaimed in due course, high company officers same.
When Mr Deveshwar had haunted the reins in mid-1990s, ITC had been confronted with formidable challenges with diversification efforts either failing or were languishing. the corporate at that point was additionally fighting a troublesome legal and otherwise battle with its erstwhile shareholders BAT.
Mr Deveshwar assumed workplace as govt chairman in Jan, 1996. He had joined the corporate in 1968. in a very notice to the shareholders, ITC same that Deveshwar, WHO can complete his gift term on February four, 2017, has expressed “his need to shed the chief role” and “put in situ a young leadership.”
It will ask for shareholders’ nod at the future AGM on Gregorian calendar month twenty two to appo-int him as a non-executive director and chairman for 3 years.