ITC Executive Chairman and CEO YC Deveshwar, after suffering from a lengthy illness passed away on May 11 at the age of 72. Yogesh Chander Deveshwar was an Indian businessman and he was also the chairman of ITC Limited. He was a director on the central board of the Reserve Bank of India, a member of the National Foundation for Corporate Governance, as well as a member of the governing body of the National Council of Applied Economic Research.
HIGHLIGHTS
- ITC executive chairman and CEO YC Deveshwar has died at the age of 72
- YC Deveshwar led ITC from being a tobacco company to an FMCG giant
- Deveshwar passed away at a private hospital in Gurugram
YC Deveshwar was at the controls of ITC for the lengthiest term covering more than two decades. He passed away on Saturday at a private hospital in Gurugram. leaving his wife, daughter and a son.
Deveshwar, earlier in the year 2017 stepped down from executive role but at the same time continued as a chairman in non-executive capacity.
Prime Minister Narendra Modi also expressed his grief and acclaims the business tycoon’s contributions.
PM Modi on Twitter tweeted, “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.”
Indian industrialist and a former Member of Parliament, Naveen Jindal also tweeted his grief by tweeting, “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”
West Bengal Chief Minister Mamata Banerjee also posted the news on her official Twitter handle. She said, “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.”
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
As per to the ITC’s website, Deveshwar joined the company in the year 1968 and is extensively credited for ITC’s transformation from being a tobacco company to turning out to be an FMCG giant. In the year 2011, Deveshwar also received the Padma Bhushan which is the India’s third-highest civilian award.
Former Chief minister of Madhya Pradesh, Shivraj Singh Chouhan also tweeted, “Deeply shocked by the news of passing away of @ITCCorpCom Chairman Shri YC Deveshwar. Madhya Pradesh has lost a true friend & a brand ambassador. This is a personal loss for me. He had a key role in MP’s development & industrialization. My condolences to his family & ITC Pariwar.”
He also further added another tweet, “During our meetings I was always amazed by Shri YC Deveshwar’s great energy & sense of detailing. His visionary approach to transform rural India has worked wonders for Madhya Pradesh. ITC generated thousands of jobs in the state bringing a smile on faces of lakhs of families.”
On 11 April 1984, YC Deveshwar was chosen the Director on the board of ITC and turn out to be the Chief Executive and Chairman on January 1, 1996. Deveshwar was also an alumnus of Indian Institue of Technology-Delhi and the Harvard Business School.
