New Delhi, May 11 ITC chairman Y.C. Deveshwar passed away on Saturday in a Gurugram hospital. He was 72, and was ITC’s longest serving corporate head.
The cause of his death is not known. He was diagnosed with cancer a few years ago.
He had joined ITC 1968 and became the executive chairman of the company in 1996. As ITC’s longest serving chief, Deveshwar had led the company’s diversification to an FMCG major.
Under his leadership, ITC was also successful in warding a takeover threat from its largest shareholder BAT.
He stepped down from the executive role in 2017 but continued to hold a non-executive role.
In 2011, Deveshwar was conferred with the Padma Bhushan, award.
Sanjiv Puri, ITC MD, extending his condolences said: “We deeply mourn the passing away of 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.”
“In this hour of immense sadness, our hearts go out to his family, wife Mrs Bharti Deveshwar, children Gaurav and Garima and to their families to whom we offer our sincerest condolences,” Puri said.