Shiv Narayan Mishra, additional vice-president in the Mangilal Roongta company, was on his way to the factory when a group stopped his vehicle and pulled him out at an isolated place near Motanga village, Dhenkanal Superintendent of Police Nikhil Kanodia said.
The miscreants then attacked Mishra mercilessly with iron rods and sticks, leaving him critically injured, he said adding the attackers fled the site after committing the crime.
A profusely bleeding Mishra was rushed to a private hospital at Cuttack after being provided preliminary treatment, but he succumbed to his injuries, the police said.
An old enmity could be the reason behind the killing, police said, adding other employees are also being questioned and further investigations are on.