ITC Ltd has appointed Supratim Dutta as its new chief financial officer (CFO). Supratim replaces Rajiv Tandon who was erstwhile CFO and also an executive director on the company’s board will continue as a director henceforth.
Following Dutta’s appointment from September 5, Rajiv will relinquish the role of CFO, a position he held for close to a decade. He will, however, continue to remain on the board of ITC as a whole-time director and Dutta will report to him.
In the annual general meeting of the company on Friday, shareholders approved Tandon’s reappointment on the board of directors for one year with effect from July 22, 2021.
Dutta joined ITC on November 1, 1990, soon after qualifying as a chartered accountant and cost accountant. In a filing to the stock exchanges, ITC said, “He has wide-ranging experience in the company for nearly 30 years, covering various aspects of finance, including planning, treasury, M&A, accounting, taxation, IT, investor relations and business strategy.”
Dutta was also the chairperson of the finance and banking committee of the Bengal Chamber of Commerce & Industry.
The appointment is in line with the conglomerate’s strategy of appointing relatively younger blood in key senior management positions. The average age of the top management continues to reduce, a trend started earlier by the appointment of Sanjiv Puri as the chairman. In fact, responding to a shareholder observation at the AGM about the high age of ITC’s board, Sanjiv had stated that age was not a factor to look at. One should judge the effectiveness of a board and quality of governance, result, and stakeholder management. Something which the conglomerate is trying to make exemplary as the average age of top management continues to reduce at its board.