Y C Deveshwar
Y C Deveshwar

ITC Chairman Y C Deveshwar passes away at 72

NetIndian News Network

New Delhi, May 11, 2019

Yogesh Chander Deveshwar, Chairman of multi-business conglomerate ITC Ltd, passed away at a private hospital in Gurugram near here this morning after a brief illness. 
He was 72. He is survived by his wife Bharti, son Gaurav and daughter Garima.
"We deeply mourn the passing away of Mr Y C Deveshwar, Chairman 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. Inspired by a patriotic fervour, manifest in his clarion call of ‘Lets Put India First’, he led ITC's strategic thrust to create an exemplary Indian enterprise dedicated to serving national priorities," a statement from Sanjiv Puri, Managing Director, ITC Ltd, said.
The statement noted that Deveshwar had passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating alrger societal value.
"This vision drove ITC to pursue business models that today supports over 6 million livelihoods, many amongst the weakest in society.
"Spearheading a journey of stellar growth that led the Harvard Business Review to rank him the 7th Best Performing CEO in the world, his leadership transformed ITC into a valuable and admired multi-business conglomerate with a robust portfolio of front-ranking businesses in FMCG, Hotels, Paperboards & Paper, Packaging and Agri-Business. His vision to make societal value creation a bedrock of corporate strategy also led ITC to become a global exemplar in sustainability and the only company in the world to be carbon positive, water positive and solid waste positive for over a decade," he said.
"His superordinate vision to build an exemplary Indian enterprise, to serve national priorities, create the businesses of tomorrow, impeccable values and personal integrity, the width and depth of his strategic thinking and his compassionate conduct of business will continue to inspire us in the journey ahead," the statement added.
Deveshwar was appointed as a Director on the Board of ITC on April 11, 1984 and became its Chief Executive and Chairman on January 1, 1996.
On splitting the role of the Executive Chairman between Chairman and Chief Executive Officer with effect from February 5, 2017, Deveshwar continued as Chairman in non-executive capacity and played the role of Mentor to the executive management.
Deveshwar had joined ITC in 1968 and is an alumnus of the Indian Institute of Technology (IIT), Delhi, and Harvard Business School. 
Between 1991 and 1994, he seved national carrier Air India as Chairman and Managing Director.
During his stewardship of ITC, the group has become India's foremost  FMCG marketer, the country's largest and Paperboards and Packaging Business, a globally acknowledged pioneer in farmer empowerment through its wide-reaching Agri Business, and the second largest hotel chain in India.
The company's wholly owned subsidiary, ITC Infotech India Limited, is also a player of promise in the IT sector.
The company's farmer empowerment initiative, ITC e-Choupal, is today the world's largest rural digital infrastructure and is a case study at the Harvard Business School, besides receiving several global awards.
Deveshwar had also served as a Director on the Central Board of the Reserve Bank of India and as a Member of the National Foundation for Corporate Governance. He was a Member of the Board of Trade, Ministry of Commerce and Industry, and a Member of the National Food Processing Development Council, Ministry of Food Processing Industries, Government of India.
He was a Member of the Governing Body of the National Council of Applied Economic Research and also the former Chairman of the Society and Board of Governors of the Indian Institute of Management, Calcutta. 
He was also a Member of the Governing Council of the Central Manufacturing Technology Institute, Ministry of Heavy Industries & Public Enterprises, Government of India and an Independent Director on the Board of Air India Limited. He served on the National Executive Committees of some of India's premier trade and industry bodies, and had erved as a Member of the UK-India CEOs Forum and US-India CEOs Forum instituted by the respective Governments. He is a past President of the Confederation of Indian Industry (CII).
In 2011, Deveshwar was conferred the Padma Bhushan by the Government of India. He is a recipient of several other awards.
The Government of West Bengal also conferred the 'Banga Bibhushan', the State's highest civilian honour, on Deveshwar in May 2017. He was conferred the CII President's Award for Lifetime Achievement in April 2018.

(Our News Desk can be contacted at desk@netindian.in)

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