Corporate stalwart Deveshwar is no more

Corporate stalwart Deveshwar is no more

Agency News

New Delhi, May 11 : Renowned corporate chief and ITC chairman Yogesh Chander Deveshwar passed away after a brief illness on Saturday in a Gurgaon hospital.

Deveshwar, 72, is survived by wife, a son and a daughter. ''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,'' ITC Managing Director Sanjiv Puri said while condoling his death.

Deveshwar was conferred the Padma Bhushan, India’s third highest civilian award in 2011 for his outstanding service to the nation. He had joined ITC Limited in 1968 and was appointed as a director on the board of the company in 1984. He became the CEO and chairman in 1996. He stepped down as the Chief Executive of the company in 2017 and started serving as Non-Executive Chairman.

Besides, he also 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. Deveshwar was India's longest-serving CEO at the time of his death.

In 2013, he was listed as the Best Performing CEO in India by Harvard Business Review and seventh in the world. He transformed ITC into a multi business conglomerate with a robust portfolio of front-ranking businesses in FMCG, hotels, paperboards and paper, packaging and agri-business.

Mourning his demise, President Ram Nath Kovind tweeted, ''Sad to hear of the passing of Y C Deveshwar, a stalwart of Indian business and a builder of Indian brands. His emphasis on sustainability and the triple bottomline will remain ever influential. My condolences to his family and colleagues in ITC and beyond.''

Prime Minister Narendra Modi also expressed grief over his demise and said: ''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.''

Trinamool Congress chief Mamata Banerjee condoled the death and tweeted, ''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.''Union Finance Minister Arun Jaitley said: "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."

Defence Minister and BJP leader Nirmala Sitharaman said Deveshwar was a stalwart of the Indian industry. He is no more. ITC has achieved remarkable milestones in building Indian brands under his leadership. She extended condolences to his family and the entire ITC fraternity. Congress spokesperson Randeep Surjewala posted: ''My deepest condolences on passing away of YC Deveshwar. His immense contribution towards Indian industry and ITC is unparalleled and shall always be remembered. My thoughts and prayers with his family, friends and colleagues. May his soul rest in peace.''