ITC Group Chairman YC Deveshwar passed away this morning after prolonged illness.
He was 72 and is survived by his wife and two children.
“We deeply mourn the passing away of Mr YC Deveshwar, Chairman ITC. In this hour of profound grief and sorrow, we recall with respect and pride the legendary stewardship he provided to ITC over two decades as its Chairman,” said Sanjiv Puri, MD, ITC Ltd in a statement issued by the company
Yogesh Chandar Deveshwar, also known as YC Deveshwar, born in Lahore on February 4, 1947, was an alumnus of the Indian Institute of Technology (IIT) Delhi and Harvard Business School.
Deveshwar joined ITC in 1968 and was the architect of ITC’s bold transformation from a tobacco company and also battled British American Tobacco to ensure ITC remains an Indian company.
He led the company into new forays of growth areas which included agricultural businesses, retail and distribution of branded FMCG.
Deveshwar was India’s longest-serving CEO at the time of his death and he earned nearly triple the second-highest salary in his company; in 2011, it was said his salary was 26 lakh (2.6 million) rupees per month.
In 2013, he was listed as the Best Performing CEO in India by Harvard Business Review and seventh in the world.
In 2011, Deveshwar received the Padma Bhushan, India’s third-highest civilian award.
Between 1991 and 1994, he led Air India as Chairman and Managing Director. ( UNI )