Shares of Britannia Industries went up by 0.6 percent in early morning trade after the company’s board said that it had elevated Varun Berry to executive vice-chairman and managing director with immediate effect.
At 10:11 am, shares of Britannia Industries were trading at Rs 3807, up 0.41 percent from the previous close on the BSE.
The multinational bread corporation, on Friday, September 23, also declared Rajneet Kohli's appointment as executive director and CEO, beginning on September 26, 2022. Kohli will report to Berry.
Who is Rajneet Kohli?
Kohli served as the president and chief business officer at Domino's India, run by the food service company Jubilant FoodWorks. Also, he held senior leadership positions at Asian Paints Ltd. and Coca-Cola Co.
"Rajneet’s proven track record of scaling up businesses and building highly engaged teams make him a perfect fit for the organisation. I look forward to partnering with Rajneet to lead us to the next phase of growth," said Berry.
As reported by news agency Reuters, his appointment will be in the form of a newly created CEO role at Britannia. This comes when the industry is grappling with margin concerns amid soaring inflation.
The finances
Britannia Industries, famous for biscuits brands Good Day biscuits and Tiger Biscuits, reported a decline of 13.24 percent in consolidated net profit at Rs 335.74 crore for the April-June quarter as compared to Rs 387.01 crore in the corresponding period a year ago.
The total revenue from operations for the first quarter of 2023 grew 8.74 percent to Rs 3,700.96 crore.
First Published: Sept 26, 2022 9:59 AM IST
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