Yogesh Chander Deveshwar, one of India’s longest-serving top executives and the chairman of conglomerate ITC, died in Delhi on Saturday morning after a brief illness. He was 72 years old. ITC Managing Director Sanjiv Puri in a statement said that Deveshwar had “passionately championed the cause for sustainable and inclusive growth as well as the transformative role businesses could play in creating larger societal value”. Deveshwar is survived by his wife and two children. Yogi or YCD, as he was known among his friends and peers, headed the diversification of ITC from a cigarettes maker to an FMCG company with interests in hospitality, paper, agri-business, lifestyle retail, packaged foods and personal care, among others. In 2011, he was awarded Padma Bhushan. Deveshwar, who is an alumnus of Indian Institute of Technology, Delhi, and Harvard Business School, joined ITC in 1968. He became its chief executive and chairman on January 1, 1996. Between 1991 and 1994, he served as the chairman and managing director of Air India. He stepped down as chief executive in 2017 but remained a non-executive chairman. Tributes pour in Prime Minister Narendra Modi and several other political leaders tweeted their condolences. Modi mentioned his contributions to the Indian industry and said his efforts helped in making ITC “a professionally-run Indian company with a global footprint”. West Bengal Chief Minister Mamata Banerjee called him “a giant in the corporate world”. Industrialist Naveen Jindal said, “His demise is a big loss to India Inc and the nation.” Shri YC Deveshwar made a strong contribution to Indian industry. His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and the ITC group in this hour of grief. — Chowkidar Narendra Modi (@narendramodi) May 11, 2019 Deeply saddened at the passing away of Padma Bhushan Shri YC Deveshwar. India's longest-serving CEO at the time of his death, he spearheaded the FMCG revolution through his unwavering commitment & stewardship. An acquaintance for long, my prayers are with his friends and family. — Pranab Mukherjee (@CitiznMukherjee) May 11, 2019 Saddened at the passing away of Y C Deveshwar Ji. He was a giant in the corporate world. I have many memories of him as a distinguished captain of industry. Condolences to his family, his colleagues and his admirers — Mamata Banerjee (@MamataOfficial) May 11, 2019 Deeply saddened by the news of passing away of Shri YC Deveshwar. His demise is a big loss to India Inc and the nation. He was an inspirational man and I admired him greatly. Will miss him…. My condolences to his family and loved ones. Om Shanti🙏https://t.co/RhiKH9RT6P — Naveen Jindal (@MPNaveenJindal) May 11, 2019 Saddened to hear about the demise of one of India’s finest business stalwarts; Chairman of ITC Group Sri YC Deveshwar Ji Enjoyed interacting with him in my former role as Industries Minister. He was a strong proponent of building Indian brands with global outlook. RIP sir 🙏 pic.twitter.com/QZ9LU2FGKi — KTR (@KTRTRS) May 11, 2019<doc-sep>ITC Chairman YC Deveshwar died early on May 11 after prolonged illness. He is survived by his wife and two children. He was 72. "We deeply mourn the passing away of Mr YC 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," said Sanjiv Puri, MD, ITC Ltd in a statement issued by the company. Born in Lahore on February 4, 1947, Deveshwar is an alumnus of the Indian Institute of Technology (IIT) Delhi and Harvard Business School. He joined ITC in 1968. He was appointed as a director on the board of the company on April 11, 1984, and became the chief executive and chairman of the board on January 1, 1996. He was one of India's longest-serving corporate chiefs with over two decades at the helm as the executive chairman and chief executive officer at ITC until February 4, 2017. After the company split the role of the executive chairman between chairman and chief executive officer on February 5, 2017, Deveshwar agreed to continue as chairman in a non-executive capacity at the request of the nomination and compensation committee and the board. He also played the role of a mentor to the executive management. Between 1991 and 1994, he led Air India as Chairman and Managing Director.<doc-sep>Yogesh Deveshwar, who joined ITC in 1968, was an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School. Yogesh Deveshwar, who joined ITC in 1968, was an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School. Yogesh Chander Deveshwar, 72, Chairman of ITC, and a powerful voice of India Inc for many decades, died Saturday. Deveshwar, who is survived by his wife, daughter and son, was ailing for some time. Between 1996, when Deveshwar became ITC Chairman, and March 2017, when he retired from the executive role, ITC’s annual sales expanded over 11-fold to Rs 55,000 crore, shareholder returns grew at a compounded annual rate of over 23 per cent, and market capitalisation zoomed to fifth position among listed firms at Rs 365,000 crore. He was instrumental in transforming the Kolkata-based company from being mostly a cigarette maker to a conglomerate with interests in sectors such as fast-moving consumer goods, hotels, paper and packaging, and agri-business. Now, over 50 per cent of its revenues come from non-tobacco related businesses. Deveshwar, who was born in Lahore, Pakistan, six months before India got independence in 1947, was among the first chieftains of a major company to tap India’s vast countryside, by way of his unique e-Choupal concept, which hooked up famers via the Internet for procurement of their produce — and by pushing the FMCG products in rural areas. He dealt with tough situations, including the turbulence at the company during a fight with its largest shareholder, British American Tobacco (BAT) which wanted to increase its stake in ITC from around 29.7 per cent to 51 per cent. He managed to keep ITC under a professional management without a promoter with the help of Indian financial institutions as government regulations prevented BAT from increasing the stake in ITC. Between 1991 and 1994, he took a break from ITC to run Air India as Chairman and Managing Director, when the then government brought in private sector leadership to revive the fortunes of the national carrier. He was appointed as a Director on the board of ITC on April 11, 1984 and became the Chief Executive and Chairman on January 1, 1996. On splitting the role of the Executive Chairman between Chairman and CEO with effect from February 5, 2017, Deveshwar agreed to continue as Chairman in non-executive capacity and also play the role of mentor to the executive management, recognising the need for orderly transition in a company of ITC’s size and complexity. According to corporate observers, Deveshwar led ITC’s strategic thrust to create multiple drivers of growth that would make a significant and growing contribution to the Indian economy. His stewardship has guided ITC to become India’s foremost FMCG marketer, the country’s largest and greenest paperboards and packaging business, a globally acknowledged pioneer in farmer empowerment through its wide-reaching agri business, the second largest hotel chain in India and a trailblazer in ‘green hoteliering’. The company’s wholly-owned subsidiary, ITC Infotech India Ltd is also a player of promise in the information technology sector. The ITC e-Choupal initiative 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, who joined ITC in 1968, was an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School. He 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. Sanjiv Puri, Managing Director, ITC, said, “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. Deveshwar passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value. This vision drove ITC to pursue business models that today supports over 6 million livelihoods, many amongst the weakest in society.” 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, Puri said.<doc-sep>Prime Minister Narendra Modi Saturday condoled the death of business tycoon and ITC Group chairman Y C Deveshwar, saying he made a strong contribution to the Indian industry. Deveshwar, 72, who passed away at a private hospital in Gurugram near here this morning after a brief illness. "Shri Y C Deveshwar made a strong contribution to Indian industry. His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and the ITC group in this hour of grief," the prime minister said in a tweet. Condolence messages also poured in from other political and business leaders. Finance Minister Arun Jaitley tweeted: "Saddened by the death of Yogi C Deveshwar, Chairman ITC. Yogi excelled as a corporate professional and an entrepreneur and took his company to great heights. May God render peace to the departed soul & give to his family strength to bear this loss." West Bengal Chief Minister Mamata Banerjee described him as a "giant in the corporate world". "Saddened at the passing away of Y C Deveshwar Ji. He was a giant in the corporate world. I have many memories of him as a distinguished captain of industry. Condolences to his family, his colleagues and his admirers," Banerjee said in a tweet. In a statement, the Confederation of Indian Industry (CII) expressed its condolences at the demise of Deveshwar, terming it a great loss for the Indian industry. Deveshwar was the president of CII in 2005-06. "A titan and guiding luminary of Indian industry, Mr Deveshwar's commitment and passion for sustainable business was an inspiration for all. Mr Deveshwar's devotion to inclusive growth in India was laudable and he led by example," CII President Vikram Kirloskar said. As ITC Chairman, Deveshwar transformed the cigarette major into a diversified player with interests in FMCG, hospitality, IT and other sectors. In a tweet, Assocham President B K Goenka said he was a "tall leader of India Inc who immensely contributed to the industry and society". Chairman of RP-Sanjiv Goenka Group, Sanjeev Goenka, said, "Yogi was a tall leader and a visionary. I have lost a friend. I am deeply saddened." Ambuja Neotia Group Chairman Harsh Neotia said Deveshwar was an extraordinary professional, who steered the company in "troubled times and diversified it from tobacco to FMCG and hospitality. He has been a family friend for two generations." Keventer Agro CMD Mayank Jalan credited Deveshwar for putting Kolkata on the global business map. Srei Infrastructure Finance CMD Hemant Kanoria said, "He built a great company like ITC and diversified it into so many areas, all with sustainable long-term business and social models." Chairman of RPG Enterprises Harsh Goenka said: "A titan, a friend, #YogiDeveshwar passes away making the Indian corporate world poorer" Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, also condoled the veteran's demise and said she was deeply saddened by the news. Yogi Deveshwar was a business icon who will be remembered for Transforming ITC into a diversified behemoth with path breaking innovation in Agritech n other sectors, she said in a tweet. Deveshwar (72), who stepped down from executive role as chairman and CEO in 2017 but remained as a non-executive chairman, breathed his last at a private hospital in Gurugram. He joined ITC in 1968 and was appointed as a director on ITC's board on April 11, 1984. He rose to become its chief executive and chairman on January 1, 1996.<doc-sep>
YC Deveshwar joined ITC in 1968 and was appointed as a director on ITC's board on April 11, 1984 Noted industry leader and ITC chairman YC Deveshwar, who transformed the cigarette major into a diversified player with interests in FMCG, hospitality, IT and other sectors, passed away on Saturday morning after a brief illness. Mr Deveshwar, 72, who stepped down from executive role as chairman and CEO in 2017 but remained as a non-executive chairman, breathed his last at a private hospital in Gurugram. "We deeply mourn the passing away of Y C Deveshwar, Chairman ITC," ITC Managing Director Sanjiv Puri said in a statement. Mr Deveshwar passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value. This vision drove ITC to pursue business models that today support over 6 million livelihoods, many among the weakest in society, Mr Puri added. He leaves behind his wife and two children, a son and a daughter. Mr Deveshwar joined ITC in 1968 and was appointed as a director on ITC's board on April 11, 1984. He rose to become its chief executive and chairman on January 1, 1996. One of the longest serving top executives of a corporate entity in India, he was responsible for transforming ITC from mainly a cigarettes maker into a diversified entity with interests in FMCG, hospitality, paper, agri business and information technology, among others. When Mr Deveshwar took charge at the helm of the company in the mid-1990's, ITC was confronted with formidable challenges, with diversification efforts either failing or languishing. The company's revenue was less than Rs 5,200 crore and Profit Before Tax (PBT) stood at Rs 452 crore. In 2017-18, the company posted revenues of Rs 44,329.77 crore and net profit of Rs 11,223.25 crore. "His leadership transformed ITC into a valuable and admired multi business conglomerate with a robust portfolio of front-ranking businesses in FMCG, hotels, paperboards and 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," Mr Puri said. An alumnus of IIT Delhi and Harvard Business School, Mr Deveshwar had also led Air India as chairman and managing director between 1991 and 1994. When ITC split the role of the executive chairman between chairman and chief executive officer with effect from February 5, 2017 as part of succession planning in the company, Mr Deveshwar continued as chairman in non-executive capacity and played the role of mentor to the executive management led by Sanjiv Puri. A recipient of Padma Bhushan - one of the highest civilian awards in the country - in 2011, Mr Deveshwar also played his part in nation building, taking up various roles in several institutions. He served as a director on the Central Board of the Reserve Bank of India, as a member of the National Foundation for Corporate Governance and member of the governing body of the National Council of Applied Economic Research. Mr Deveshwar was also 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. Well respected by his peers in the industry, YCD, as he was popularly known in corporate circles, was also a past president of CII, besides being on the National Executive Committees of some of India's premier trade and industry bodies. He also served as a member of the UK-India CEO Forum and US-India CEO Forum instituted by the respective governments.