homeretail NewsRemembering YC Deveshwar: A 'hands on' leader who made ITC a diversified conglomerate

Remembering YC Deveshwar: A 'hands-on' leader who made ITC a diversified conglomerate

Eight months after I started covering the FMCG and retail sector in 2016, I came face to face with India's longest-serving CEO, YC Deveshwar.

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By Priya Sheth  May 11, 2019 12:05:06 PM IST (Updated)

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Remembering YC Deveshwar: A 'hands-on' leader who made ITC a diversified conglomerate
Eight months after I started covering the FMCG and retail sector in 2016, I came face to face with India's longest-serving CEO, YC Deveshwar.

I remember the day very clearly. The media had gathered around Mr Deveshwar for a quick byte after his panel at the 'Make In India' summit. I realised that it was going to be a tough task to break through the multiple reporters and cameras around him. Seeing the crowd that had gathered, Mr Deveshwar refused to give a sound byte and walked out of the auditorium. I was waiting at a side entrance to get a brief glimpse of him and also to ask a few questions. Seeing my enthusiasm and eagerness for a brief interview, he agreed. I was really lucky, as unplanned interviews with Mr Deveshwar were rare. That was the first and last time I saw him.
Down-to-earth, humble and media-shy are three attributes that best described Mr Deveshwar. His co-workers and colleagues at ITC have always described him as a "hands-on" leader.
It was his focus on growth and dedication that was instrumental in driving ITC from a pure play cigarettes company to a diversified conglomerate. Under his leadership, ITC's revenues grew from Rs 5,200 crore to over Rs 51,500 crore and generated shareholder returns of 23.3 percent compounded annually. He also set an ambitious revenue target for the non-cigarette FMCG business of Rs 1 lakh crore by 2030.
After spending over 20 years at the helm at ITC, Deveshwar moved to a non-executive role in 2017, leaving the company in the hands of Sanjiv Puri. He called it his "sacred duty" to leave the company in a safe pair of hands. With his sad demise, it's truly the end of an era. The FMCG industry has lost a legend and ITC has lost a very precious asset. RIP, sir.

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