Britannia appoints ex-Birla Opus chief Rakshit Hargave as new CEO

India's Britannia Industries on Wednesday named former Birla Opus chief Rakshit Hargave as its new CEO, succeeding Rajneet Kohli, who stepped down in March. 

The management change comes as consumer goods makers in India are navigating period of tax rate cuts and shifting demand trends, adding pressure to protect margins and sustain growth. 

Britannia's shares had risen about 25 per cent under Kohli, who took the reins in late September 2022. 

Hargave will take the helm at Britannia from December 15, the 'Good Day' biscuit-maker said. Grasim Industries had announced his resignation from its paints unit, Birla Opus, earlier in the day. 

 

Under him, Birla Opus gave market leader Asian Paints one of its biggest challenges in decades, cornering a significant market share in about a year of its launch in February 2024. 

Hargave was at Grasim for a total of four years, and has previously also worked at other Indian consumer giants such as Hindustan Unilever and Domino's Pizza franchisee Jubilant Foodworks.