ITC Chairman YC Deveshwar passed away at the age of 72 on Saturday, 11 May, after battling a prolonged illness, reported The Indian Express.
ITC MD Sanjiv Puri expressed his condolences over Deveshwar’s demise and said, “We deeply mourn the passing away of Mr YC Deveshwar, Chairman ITC. In this hour of profound grief & sorrow, we recall with respect & pride the legendary stewardship he provided to ITC over two decades as its Chairman.”
Deveshwar is of India's longest serving corporate chiefs with over two decades at the helm as the executive chairman and CEO at ITC, according to CNBC-TV18.
He received the country’s highest civilian award, the Padma Bhushan in 2011 and was ranked as the 7th Best Performing CEO in the world by the Harvard Business Review.
Deveshwar joined ITC in 1968 and is an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School. Between 1991 and 1994, he led Air India as Chairman and Managing Director,
Deveshwar has 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 as well.
‘Stalwart of Indian Business’
Condolences poured in from across the political spectrum over Deveshwar’s demise. Prime Minister Narendra Modi lauded Deveshwar’s contribution to the Indian industry and said he was saddened by his demise.
President Ramnath Kovind called Deveshwar the “stalwart of Indian business and a builder of Indian brands” and expressed his condolences to his family, colleagues in ITC and beyond.
‘End of an Era in Indian Corporate World’
(With inputs from The Indian Express and CNBC-TV18.)
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