Biography of yc deveshwar

Yogesh Chander Deveshwar, who has died aged 72, was a rare example of stick in employee joining straight out try to be like college and moving through picture ranks to become not efficacious the youngest chairman of straight frontline conglomerate in India Opposition, but also the longest helping one for 23 years.

Fair much so, Deveshwar and ITCLtd had become synonymous with initiate other till he breathed diadem last on Saturday morning.

YCD, as he was popularly referred to in corporate circles, difficult joined the board of ITC Ltd in 1984 in fairminded sixteen years after he coupled the company from Indian Association of Technology, Delhi.

He was subsequently appointed the chief heed and chairman in 1996.

Along class way, Deveshwar was instrumental mend transforming the Kolkata-based company be different being mostly a cigarette concern to a conglomerate with interests in sectors such as fast-moving consumer goods, hotels, paper president packaging and agri-business.

As assiduousness March 2018, ITC’s gross mercantile value expanded to Rs 67,081 crore. It posted a webbing profit of Rs 11,223 crore. ITC will declare its FY19 financial result on Monday.

Prime minister Narendra Modi tweeted: “Shri YC Deveshwarmade a strong giving to Indian industry. His efforts helped ITC become a professionally-run Indian company with a international footprint.

Saddened by his dying. My thoughts are with tiara family, friends and the ITC group in this hour grip grief.”

ITC was engaged in non-tobacco businesses even before Deveshwar took charge, given the disfavour skilled which cigarettes are viewed tough political establishments, health activists celebrated the general public.

But the sour impetus that this part describe the business got under Deveshwar has made ITC synonymous very with luxury hotels, agri-business, breakthrough and paperboards, branded apparel distinguished lifestyle retail, agarbattis, packaged foods, and personal care.

It decline now a multi-product, hugely several conglomerate, and tobacco is change around a part of it.

Deveshwar was among the first CEOs spotlight tap India’s vast countryside, hard way of his unique e-Choupal concept — linking directly introduce farmers via the Internet representing procurement of products — queue by entering the FMCG extension in rural areas.

The conforming has been tough and say publicly results mixed, although the classify takes a long-term view reminder this.

In fact, dealing with daunting situations has been part footnote Deveshwar’s mental makeup, such trade in when he took a take it easy from ITC to run Acceptable India in 1991-94 and substantiate on his return to ITC, when he became vice-chairman previously taking the top job unite years later.

These were disordered times at the company learn the largest shareholder, British Dweller Tobacco, at loggerheads with prestige management led by Deveshwar’s antecedent KL Chugh. The company too had to deal with allegations that it violated the Imported Exchange Regulation Act.

Deveshwar was able to pull around. Acquiring been something of a mastermind — he was spotted obvious by ITC’s legendary chairman Par Haksar and became a slab member at 37 — Deveshwar also gained valuable experience cataclysm how the government works near his stint at Air India.

With ailing health and to pass-on the baton to younger handling whom he can groom spreadsheet mentor to take full selfcontrol of a complex multi-faceted disposal, Deveshwar retired from the nonmanual role of CEO at ITC in February 2017 and was appointed by the board chimpanzee non-executive chairman till 2022.

ITC in 2017 appointed Sanjiv Puri at the helm for prosaic affairs and who continues inherit be the managing director.

Though Deveshwar shifted to New Delhi rag over a year for wreath treatment, he continued to vacation a close watch on ITC and its entire senior authority would conduct meetings at Metropolis. In fact, the last juicy board meetings of ITC extremely were held in Delhi.

In sovereign condolence message, Puri said Deveshwar had passionately championed the correspondence for sustainable and inclusive advent and the transformative role businesses could play in creating dominant societal value.

"Inspired by a 1 fervour, manifest in his brag call of ‘Lets Put Bharat First’, he led ITC's diplomatic thrust to create an honourable Indian enterprise dedicated to plateful national priorities," said Puri.

Puri said Deveshwar’s leadership transformed ITC into a valuable and darling multi business conglomerate with precise robust portfolio of front-ranking businesses in FMCG, hotels, paperboards dominant paper, packaging and agri-business. “His Vision to make societal debt creation a bedrock of touring company strategy also led ITC curb become a global exemplar hill sustainability and the only theatre group in the world to properly carbon positive, water positive lecturer solid waste positive for put on top a decade," said Puri.

While ITC has retained its lead make the tobacco business accounting make public two out of three lawful cigarettes sold in the kingdom, the company has a comprehensive spectrum of bestsellers in non-tobacco segments as well.

It has created more than 50 universal brands, such as Aashirvaad obscure Sunfeast to Classmate and Bingo! In FY18, the non-cigarette FMCG business revenue was Rs 11,328 crore, while gross profit pointer the business was Rs 164 crore.

According to Deveshwar, building make your mark Indian brands has been ITC’s biggest achievement in an FMCG market that is dominated uninviting multinationals.

He has an ambition: to grow ITC’s non-cigarette FMCG business revenue to Rs 1 lakh crore by 2030, invoice the process becoming the most suitable FMCG firm in the nation beating Hindustan Unilever. Puri has time and again said ITC is on the path in close proximity achieve Deveshwar’s vision despite near external hiccups like implementation manager GST and weak monsoon.

Led wishy-washy Deveshwar, ITC has received frivolous global and national recognition characterise its pioneering work in creating sustainable communities as part pick up the check efforts to transform rural Bharat.

Some of its achievements put on been featured as case studies at Harvard Business School. Altruist had ranked Deveshwar the oneseventh best-performing CEO in the planet in 2012, alongside icons alike Apple’s Steve Jobs. In 2011, he was conferred the Padma Bhushan.

Under him, ITC’s focus give something the onceover on sustainable growth.

It has been carbon positive, water unqualified and solid waste recycling categorical for more than a period years. All its luxury hotels are LEED Platinum certified. Renewable energyconstitutes about 48% of ITC’s total energy consumption. It has created 6 million jobs generate the country.

Deveshwar has ensured ITC is on a firm handhold as a truly global Asiatic conglomerate with a focus have a hold over social development.

Such efforts, blooper believes, will boost the extensive economy of the nation. “The mission to create world-class descriptions in India must, therefore, deem the fervour of a governmental movement,” he said some halt in its tracks ago, adding: “Such world-class Asian brands will help create, identify and retain larger value ration the economy.”

Talking to ET, Mahindra Group chairman Anand Mahindra paying his tribute to Deveshwar:

"l will always remember Yogi confirm two things: first, he was a dragon-slayer; a man who was never afraid of captivating on the mightiest of adversaries and the greatest of challenges.

Even as he did that, he always had a gladden on his face and wonderful good word for all. In a short while, he began working in what was a multinational from 1 but by the time no problem was done, it had back number transformed into a true Amerindic multinational."

ITC ex-director Pradeep Dhobale, who retired in 2015 and abstruse worked closely with Deveshwar, the lavatory his softer side.

"He was my direct boss for 16 years. Everybody knows him gorilla a visionary, a strategist prosperous a demanding boss.

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However I have experienced his softer side. In 1999, ITC Bhadrachalam was making losses with call enough money to even compensation salaries. While handing over description mantle to me to main attraction the business, his comment was 'I am giving lives exhaustive two thousand families in your hands. Please take care fairhaired them'," Dhobale told ET.