ITC names rumoured head Sanjiv Puri as its new COO
MUMBAI: ITC Ltd on Monday named Sanjiv Puri, a wholetime director of the company, as chief operating officer (COO) with immediate effect.
Puri was earlier appointed as additional executive director in December 2015, and is seen as a potential successor to chairman YC Deveshwar, who is stepping down in February next year after more than a two-decade stint as chairman. Deveshwar will continue as non-executive chairman for at least three years.
“The Board of Directors at the meeting held on July 22, 2016, redesignated Sanjiv Puri, wholetime director, also as chief operating officer of the company with immediate effect,” ITC said in a notice to the stock exchanges.
Addressing shareholders last week, Deveshwar set a revenue target of ₹1 lakh crore by 2030 from the FMCG segment. In 2015-16, ITC reported ₹9,731 crore in revenue from the sale of packaged goods (excluding cigarettes.
Puri’s appointment is key to this FMCG push. In 2014, Puri was appointed president of ITC’s FMCG business, which included cigarettes, foods, personal-care, education and stationery products, among others. After he took charge, ITC forayed into the juice segment by acquiring the B-Natural brand, and also bought Savlon and Shower to Shower from Johnson & Johnson.
Puri, a graduate of the Indian Institute of Technology, Kanpur, joined ITC in 1986.
He has led ITC Infotech as its managing director from May 2006 to August 2009. He has also been on the Boards of ITC Infotech’s wholly owned subsidiaries in the UK and USA.