Yogesh Chander Deveshwar, who turned the main tobacco company of ITC Ltd into a conglomerate with a group of companies ranging from fast-moving consumer goods to hotels, food, and paper, amongst Top highest-paid Indian employees in 2019-2020. He was 72, survived with his wife Bharti, his son Gaurav and his daughter Garima.
He was a dominant leader in Indian industry and was a strong advocate of the principle that Indian managers know the best way to run their business in this country. A determined will manager refused and declined to provide comments to senior executives at London-based American American Tobacco (BAT), who took 34 percent of the ITC and considered themselves the real parents of the cigarette maker and today He is among Top highest-paid Indian employees in 2019-2020
Deveshwar moved away from these old new colonial concepts of corporate governance at a time when it was uncommon to do so and used his exceptional powers to persuade and influence governments of all shades and stripes to build a stronghold of support from financial institutions state companies that have great interests in the company.
"In this hour of deep sadness, we remember with respect and pride the legendary supervision he provided to ITC for two decades as president. Sanjeev Puri, the ITC Managing Director, said in a statement of condolence:" He was inspired by the national enthusiasm, that In its clarification call to "Let's put India first", the strategic direction of the ITC to create an ideal Indian institution dedicated to serving national priorities was evident.
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The long association with the ITC was impregnated by Air India as President and Managing Director during the period 1991-1994. Even after leaving the executive position on February 5, 2017 and transferring the daily management to the next generation, it remained the driving force behind ITC, navigating the company through a hostile environment, especially for the cigarettes that still contribute with about four-fifths of ITC earnings.
Summarizing Deveshwar's contribution to ITC, in an organizational file that seeks to appoint as non-CEO in June 2016, the company said its revenue increased tenfold to Rs.5,582 million and that its profit before tax increased 33 times to 14958 Rs million after taking over as CEO.
Devishwar once told his meteoric rise in the company: the factory manager at the age of 28, the department head at the age of 31, and a director of the company's board of directors at the age of 37, One of your youngest peers.
One day before assuming the position of Chairman of the Board of Directors, the Center applied the consumption tax application retroactively to ITC for Rs 803 crore. Shortly after, a section of the old administration was placed behind bars because of an alleged violation of the exchange regulation law. And, above all, there was a battle to control the company with BAT.
The special tax dispute was finally resolved in 2005. The company was able to physically escape the set of charges on Fera violations that once flooded it. Financial services and edible oil companies were sold. But ITC strengthened the hotel and newspaper portfolio, integrating it into parents while taking firm players in food and personal care.
The alleged battle with BAT, which was requested by the predecessor of Deveshwar K.L. Chu has been profitable to resign, with the support of Indian financial institutions such as the Life Insurance Corporation of India and UTI that have significant participation in ITC. BAT earned its profits and remained a spectator of Devishwar's bold diversification maneuver and predatory attempts to acquire the leading hotel companies EIH and Leela.
Today, BAT seems to have realized the value that Deveshwar has created for the ITC. In a statement to The Telegraph newspaper, Richard Burrows, president of BAT, said: "We are deeply saddened to learn of the death of YC Deveshwar. Thanks to his leadership, ITC is today one of the leading companies in India. everyone in British American Tobacco is with his family right now which made his name in Top highest-paid Indian employees in 2019-2020. "
Picture Source: DNA India
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