ITC Chairman Y.C. Deveshwar passes away

ITC Chairman Y.C. Deveshwar passes away

May 11, 2019

Y.C. Deveshwar served as the Chairman of ITC for over two decades.

Noted industry leader and ITC Chairman Y.C. Deveshwar passed away on Saturday morning after a brief illness.

He leaves behind his wife, a son, and a daughter.

Mourning his demise, Sanjiv Puri, Managing Director, ITC, in a statement said: "Mr. Deveshwar passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value."

Deveshwar (72), who stepped down from executive role in 2017 but remained as a chairman in non-executive capacity, was admitted to a private hospital in Gurugram.

Deveshwar, joined ITC in 1968, becoming a director in 1984 and was appointed the chief executive and chairman on January 1, 1996. He won many accolades during his two-decade long stewardship of the company, which is now a conglomerate whose activities have spilled over from cigarette to other FMCG, hotels, paper and agri-business.

He has served as a director in the central board of the Reserve Bank of India and the Air India. He was awarded the Padma Bhushan in 2011.

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