Britannia Industries Limited shares dropped more than 5% in Monday’s early trade after the sudden resignation of its long-serving Managing Director and Chief Executive Officer, Varun Berry, who stepped down with immediate effect on November 10, 2025.
The FMCG major announced that the Board of Directors has accepted Berry’s resignation during its meeting held on Sunday, waiving his notice period. His tenure was originally set to continue until 2029, making the abrupt exit a major surprise for investors and the market alike.
Varun Berry Steps Down After Stellar Decade at the Helm
Varun Berry, who joined Britannia in 2013 and later became MD & CEO, is widely credited with transforming the company into one of India’s leading food brands, expanding its product portfolio, and improving profitability. The Board placed on record his “valuable contributions” and extended best wishes for his future endeavors.
Interim Leadership and New Appointment
To ensure smooth operations, the company announced that Mr. N. Venkataraman, Executive Director and Chief Financial Officer, will hold additional charge as Interim CEO until the newly appointed head joins.
Britannia has appointed Mr. Rakshit Hargave as the new Managing Director and Chief Executive Officer, effective December 15, 2025.
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