ITC Chairman YC Deveshwar passes away at 72
TC executive chairman and CEO YC Deveshwar passed away at the age of 72 on Saturday after suffering from a prolonged illness.
ITC chairman and noted industrialist Y C Deveshwar passed away on Saturday after a prolonged illness. He passed away at a private hospital in Gurugram. He was 72 and is survived by his wife, daughter, and son. Deveshwar was India’s longest serving CEO and had received the Padma Bhushan in 2011, the country’s highest civilian award.
Deveshwar had joined ITC in 1968 and subsequently became the company’s executive chairman in 1996. Under his leadership, ITC was successful in warding a takeover threat from BAT and it made a successful diversification in the FMCG category. Later in 2017, he stepped down from the executive role but remained as a chairman in a non-executive capacity. Sanjiv Puri is the current CEO and MD of the company.
Prime Minister Narendra Modi tweeted,
Shri YC Deveshwar made a strong contribution to Indian industry. His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and the ITC group in this hour of grief.
— Chowkidar Narendra Modi (@narendramodi) May 11, 2019
Deeply saddened by the news of passing away of Shri YC Deveshwar. His demise is a big loss to India Inc and the nation. He was an inspirational man and I admired him greatly. Will miss him…. My condolences to his family and loved ones. Om Shanti🙏https://t.co/RhiKH9RT6P
— Naveen Jindal (@MPNaveenJindal) May 11, 2019
Deeply shocked by the news of passing away of @ITCCorpCom Chairman Shri YC Deveshwar. Madhya Pradesh has lost a true friend & a brand ambassador. This is a personal loss for me. He had a key role in MP’s development & industrialization. My condolences to his family & ITC Pariwar.
— Chowkidar Shivraj Singh Chouhan (@ChouhanShivraj) May 11, 2019
Saddened at the passing away of Y C Deveshwar Ji. He was a giant in the corporate world. I have many memories of him as a distinguished captain of industry. Condolences to his family, his colleagues and his admirers
— Mamata Banerjee (@MamataOfficial) May 11, 2019
Deveshwar was an alumnus of Indian Institue of Technology-Delhi and the Harvard Business School. He had also served as a director on the board of the Reserve Bank of India (RBI) and member of the National Foundation for Corporate Governance.
May His Soul Rest In Peace.