Apart from demonstrating his ability to broker quick acquisition deals – BNatural brand in fruit juice space, Savlon in hygiene and Shower to Shower in personal care space – another key attribute of Puri is that he has handled most of the verticals of ITC at different points of time.
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Presently, Y C Deveshwar, (69) is the Chairman & Chief Executive Officer of ITC and as per the succession plans, he would shed his executive role after February next year and then has plans to stay as non-executive chairman until 2020. A company insider said that Puri is the first ITC executive to get the designation of COO.
He also has responsibility for ITC’s Packaging & Printing Business (PPB) and Paperboards and Specialty Papers Division (PSPD) business from January 22, 2016. “He spearheads the business that accounts for more than 60% of ITC’s revenues and 80% of its profits”.
Mr. Puri is poised to take charge at a time when there is increased regulatory pressure on cigarettes. The challenge before Puri will be to further build on these portfolios as also stoke growth in the hotels and paper divisions.
He added, “Your company aspires to be the number one player in the new FMCG businesses and has set a revenue target of Rs 1,00,000 crores by 2030”.
The Kolkata-based firm had last November elevated the 53-year-old Puri as the director of ITC’s FMCG businesses, which includes cigarettes, foods, personal care, education and stationery products. Notably, Deveshwar will be providing guidance and mentorship to the new executive management that is planned to be put in place, as non-executive chairman, on expiry of his current term next year.
The big break came in 2006 when Puri went on to lead ITC Infotech. He has also been on the Boards of ITC Infotech’s wholly owned subsidiaries in the United Kingdom and USA.
He joined the company as a branch manager and was appointed as the managing director of Nepal-based Surya Nepal Pvt Ltd, a subsidiary of ITC Ltd, in 2001. He has also served as chairman of the Agri & Food Processing Task Force of CII Eastern Region and as a member of the CII Eastern Regional Council.
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The shares of ITC rose 0.88 per cent at Rs 251.75 on the BSE.
