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ITC chairman Deveshwar dead at 72

IANS  |  New Delhi/Kolkata 

ITC died on Saturday in a He was 72, and was ITC's longest serving

The cause of his death is not known. He was diagnosed with cancer a few years ago.

He is survived by his wife and two children, and

He had joined ITC in 1968 and became the executive of the company in 1996. As ITC's longest serving chief, Deveshwar had led the company's diversification to an FMCG

Under his leadership, ITC was also successful in warding a takeover threat from its largest shareholder, BAT.

He stepped down from the executive role in 2017 but continued to hold a non-executive role.

In 2011, Deveshwar was conferred with the Padma Bhushan, award.

Sanjiv Puri, ITC MD, extending his condolences said: "We deeply mourn the passing away of Y.C. Deveshwar, 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.

"In this hour of immense sadness, our hearts go out to his family, wife Deveshwar, children and and to their families to whom we offer our sincerest condolences."

Deveshwar, an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School, was invited by the Indian government, early in his career between 1991 and 1994, to serve as the of Air India, a period that is remembered for a turnaround in the national carrier with consistent profitability.

He served as a on the of the Reserve Bank of and as a Member of the He was also on the Board of Air



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 11 2019. 13:34 IST