ITC's YC Deveshwar elevates execs, opens race for chairmanship
Kolkata: ITC chairman YC Deveshwar elevated executives to greater roles on Wednesday in a move that could widen the field of possible successors to his post.
Sanjiv Puri, who is going to be director of the fast-moving consumer goods (FMCG) business including cigarettes from next month, has also been given additional responsibility for the paperboard, paper, packaging and printing businesses from January, thereby becoming responsible for driving almost 80% of the conglomerate's business.
Deveshwar elevated B Sumant, chief executive of the cigarette business and non-cigarette FMCG trade marketing and distribution, as president of the entire FMCG business, a role below the director that was held by Puri for almost a year before his ascension. Nakul Anand, 58, remains executive director for the hotel and lifestyle retailing business, but analysts feel he is no longer in competition since he's due to retire in two years and Deveshwar is keen to appoint a younger successor when he retires by 2017.
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