ITC, the tobacco-to-hotels major, is readying to create its next generation of leaders.
Earlier this year, Kurush Grant was appointed an additional director, as Anup Singh retired. Yesterday’s board meeting decided to appoint two more. Nakul Anand and Pradeep Dhobale are to be inducted as additional wholetime directors from January 3.
The move is seen as a precursor for succession planning, since Y C Deveshwar’s term as chairman ends in 2012. ITC doesn’t have a specified retirement age.
“With the induction of two executive directors, the board is further strengthened in its role to provide strategic supervision of ITC’s multiple drivers of growth,” a company spokesman said. And, added it was premature to comment on succession.
The growth drivers for the company are identified—fast moving consumer goods, hotels and paperboard. At the previous annual general meeting, Deveshwar outlined investment opportunities across these sectors.
The board-level changes began earlier this year and took place after almost a decade. In March, Kurush Grant was appointed an additional director, as Anup Singh retired. Anand and Dhobale will be supervising the board’s strategic vision in the hotels and paperboards, and packaging businesses, respectively. Dhobale will also be supervising finance, with Rajiv Tandon, the chief executive officer, reporting to him.
ITC has a three-tier management structure—board of directors, corporate management committee and divisional management committee.