Varun Berry resigns as Britannia MD and CEO after 13 years at the helm

Britannia Industries vice-chairman and MD Varun Berry has stepped down after over a decade at the company. CFO N. Venkataraman will serve as interim CEO until successor Rakshit Hargave takes charge

Top Britannia Industries executive Varun Berry has resigned as vice-chairman, managing director, and chief executive officer (CEO) after 13 years of being in senior positions at the firm, according to a stock-exchange filing. 

 

“...I would like to tender my resignation from the position of CEO and managing director of Britannia Industries Ltd. I will serve my notice period as per the contract...,” Berry said in his resignation email to Chairman Nusli Wadia.

 

The filing stated: “Directors of the company, on recommendation of Nomination & Remuneration Committee, at their respective meetings held today (Monday, November 10) accepted his resignation and waived off Varun Berry’s obligation to serve the notice period.”

 

 

Rakshit Hargave, who was appointed CEO last week, will take on the role of managing director on December 15. 

 

In his previous assignment, Hargave was CEO of Birla Opus, the paints venture of the Aditya Birla group.

 

N Venkataraman, executive director and chief financial officer, will act as CEO till Hargave joins.  

 

In his resignation letter, Berry said: “Thank you very much for your support for the past 13 years ... I will be available as and when you want, beyond my departure from the company to guide Rakshit in whichever (way) you may want. I hope Britannia goes from strength to strength in the coming years.”

 

He also resigned from Bombay Dyeing & Manufacturing Company as non-executive, non-independent director. 

 

Berry started his career at Hindustan Unilever in 1986 and then joined PepsiCo India in 1993. He took on the role of CEO of PepsiCo Foods India in January 2010. He joined Britannia Industries in 2013 as chief operating officer (COO). 

 

Berry was executive director in charge of the India Business till March 31, 2014, before becoming managing director on April 1, 2014.

 

He transformed Britannia into one of the leading food companies in India, from being a biscuit producer to entering other food spaces like dairy and other adjacent categories. 

 

During his tenure, Britannia Industries’ revenue grew 1.28 times to ₹17,943 crore in FY25.

 

During his tenure, the rate of increase of its profit before interest, depreciation, and tax went up from 9.7 per cent in FY14 to 18.8 per cent in FY25.

 

During this period, it had reached a high of 21.5 per cent while market capitalisation stood at nearly ₹1.48 trillion on Monday, according to the National Stock Exchange. This is a significant increase from ₹10,116 crore, at the end of March 2013.

 

The company also said in its exchange filing that the board of directors at its meeting on November 5 had identified and noted levers of growth for it to become a total food company globally. 

 

Those levers include leadership in innovation and diversification, addressing regional competitors supported by cost efficiencies, profit improvement through growth in top line and market-share gain, focused growth in adjacency businesses, and expanding the international footprint.