Britannia CEO Rajneet Singh Kohli resigns to pursue external opportunity

Kohli's last day at the company is March 14

Biscuits major Britannia Industries on Thursday said its Chief Executive Officer and Executive Director, Rajneet Singh Kohli, resigned on March 5 to pursue an external opportunity.

 

According to the stock exchange filing, Kohli’s last day at the company is on March 14. 

 

He joined the maker of GoodDay biscuits in September 2022 after Varun Berry was elevated to the position of vice chairman.

 

In his resignation letter, Kohli said, “It has been a privilege to work alongside you (Berry) and as part of Britannia Leadership for over 2.5 years. I am grateful for the opportunity and humbled to lead the largest and most loved iconic Britannia brand, work with a talented team, and contribute to the company’s success. We have made real progress, and I am proud of what we have achieved together.”

 

 

After its October-December quarter results, Berry told investors that the company was going to take the capex break. “We have put up plants, and we will try and keep it as low as possible in the next financial year.”

 

He also said that the company would not spend more than ₹150 crore to ₹200 crore for capacity expansion unless there was a volume increase.

 

“I don't think we need capex because we've got 3 new plants with new lines and capacity and head space and all of that. We are in a good place as far as capex is concerned,” Berry had told investors.

 

While urban demand has been an issue for the fast-moving consumer goods industry, Britannia is also dealing with high commodity prices. Berry told investors that it was increasing prices to mitigate the impact of high raw material costs.

 

In the third quarter, the biscuit major took a 2 per cent price increase across its portfolio and expects to exit the financial year with a price increase of 4-4.5 per cent.