 "Sanjiv Puri")
Weeks after announcing two of its executive directors would retire soon, tobacco-to-consumer goods major ITC on Wednesday brought in more young blood at the senior management level.
ITC announced B Sumant has been made the president of the fast moving consumer goods (FMCG) business, including its flagship cigarette business, with effect from April 1, 2016. The position is currently held by Sanjiv Puri, who is being seen as a possible successor to Y C Deveshwar, whose term as chairman ends in 2017. The post of FMCG president was created last year when Sanjiv Puri was given the charge.
Sumant (51) currently heads the trade marketing and distribution for both cigarette and non-cigarette businesses.
Sumant’s responsibilities will be taken over by Hemant Malik (48), who is currently the head of the Indian tobacco division (ITD) and oversees the company’s cigarette business.
The company has also decided to give Puri the additional charge of overseeing the paperboards & speciality papers division and the packaging & printing Unit. Puri (52) was elevated as the additional whole-time director last month.
On October 30, the company had informed stock exchanges that its board had accepted the retirement of Pradeep Dhobale with effect from December 6. It had also accepted the pre-mature retirement of Kurush Grant (57) on health grounds, with effect from January 22, 2016.
In 2010 and 2011, Grant, Dhobale, and Nakul Anand were inducted into the ITC board. Being the first board-level change in a decade, these moves had triggered the speculation about ITC's succession planning. Dhobale and Grant were said to be in the race for the top job at ITC.
