Indian Tobacco Company (ITC) Limited board of directors have jointly recommended the re-appointment of Sanjiv Puri as the company’s chairman and managing director for a period of five years starting 22 July 2024.
The company in its annual report that was published on Tuesday said, “The Board, on the recommendation of the committee, has also recommended for the approval of the members, re-appointment of Mr Puri as a Director, not liable to retire by rotation, and as the Managing Director and Chairman of your Company for a period of five years with effect from 22nd July 2024.”
Puri was appointed as the chief executive officer in February 2017 and was re-designated as the managing director of ITC in May 2018. He was promoted to the post of chairman of the conglomerate with effect from May 13 2019.
Puri began his career with ITC in January 1986 and in his career spanning over three decades, he held several leadership positions and undertook various responsibilities in manufacturing, operations and information and digital technology. He served as the COO of ITC over the period of July 2016 to January 2017, and prior to that he served as the president of FMCG businesses since December 2014.
Puri was the divisional chief executive of the tobacco division since December 2009, with additional responsibilities in the conglomerate’s trade marketing and distribution from August 2012.
He also led ITC Infotech India Limited, which is a wholly owned subsidiary of ITC, as its MD from May 2006 to August 2009. As CMD, Puri also lead the ‘ITC next’ strategy which focuses on innovations across every sector of the business, digital acceleration, cost optimization, customer centric approach and robust investment in new opportunities of growth.
Puri is a alumnus of Indian Institute of Technology, Kanpur and the Wharton School of Business in USA. Puri earned a compensation of Rs 16.31 crore in FY23.
Post announcement of Puri’s re-appointment ITC’s shares shot up to 1.65% on the BSE on Tuesday.
