Yogesh Chander Deveshwar

Last updated

Yogesh Chander Deveshwar
Executive Chairman and CEO of ITC Limited
In office
1 January 1996 – 4 February 2017
Succeeded bySanjiv Puri
Chairman and MD of Air India
In office
1991 - 1994
Personal details
Born(1947-02-04)4 February 1947
Lahore, British India
Died11 May 2019(2019-05-11) (aged 72)
NationalityIndian
Residence Kolkata, India
Alma mater IIT Delhi
OccupationBusinessman

Yogesh Chander Deveshwar (4 February 1947 – 11 May 2019) was an Indian businessman. He was the chairman of ITC Limited. He was the longest-serving CEO of any Indian company.

ITC Limited a company

ITC Limited is an Indian multinational conglomerate company headquartered in Kolkata, West Bengal. Established in 1910 as the 'Imperial Tobacco Company of India Limited', the company was renamed as the 'India Tobacco Company Limited' in 1970 and later to 'I.T.C. Limited' in 1974. The dots in the name were removed in September 2001 for the company to be renamed as 'ITC Limited' where 'ITC' would no longer be an initialism. The company completed 100 years in 2010 and as of 2012–13, had an annual turnover of US$8.31 billion and a market capitalization of US$52 billion. It employs over 30,000 people at more than 60 locations across India and is part of Forbes 2000 list.

Contents

Early life

Yogesh Chander Deveshwar was born on 4 February 1947 in Lahore, British India. [1] He received a bachelor's degree in mechanical engineering from the Indian Institute of Technology, Delhi in 1968. [2] He later attended the six-week Advanced Management Program at Harvard Business School. [2]

Lahore Metropolitan area in Punjab, Pakistan

Lahore is the capital of the Pakistani province of Punjab. Lahore is the country's second-most populous city and is one of Pakistan's wealthiest cities, with an estimated GDP of $58.14 billion (PPP) as of 2015. Lahore is the largest city, and historic cultural centre of the Punjab region, and one of Pakistan's most socially liberal, progressive, and cosmopolitan cities.

Mechanical engineering Engineering discipline and economic branch

Mechanical engineering is the discipline that applies engineering physics, engineering mathematics, and materials science principles to design, analyze, manufacture, and maintain mechanical systems. It is one of the oldest and broadest of the engineering disciplines.

Harvard Business School business school in Boston, Massachusetts

Harvard Business School (HBS) is the graduate business school of Harvard University in Boston, Massachusetts. Consistently ranked among the top most business schools in the world, the school offers a large full-time MBA program, management related doctoral programs, HBS Online and many executive education programs. It owns Harvard Business Publishing, which publishes business books, leadership articles, online management tools for corporate learning, case studies and the monthly Harvard Business Review. It is home to the Baker Library/Bloomberg Center.

Career

Deveshwar joined ITC Limited in 1968. He was appointed as a main board director in 1984 and became the CEO and chairman in January 1996. [3] Deveshwar was due to step down as head of ITC in 2010. [4]

He was a director on the central board of the Reserve Bank of India, a member of the National Foundation for Corporate Governance, and a member of the governing body of the National Council of Applied Economic Research.[ citation needed ]

Reserve Bank of India Central banking institution of India

The Reserve Bank of India (RBI) is India's central bank, which controls the issuance and supply of the Indian rupee. RBI is the regulator of entire Banking in India. RBI plays an important part in the Development Strategy of the Government of India.

Deveshwar was India's longest-serving CEO at the time of his death, [5] and earned nearly triple the second-highest salary in his company. [6] In 2011, it was reported that his salary was 26 lakh (2.6 million) rupees per month. [7] In 2013, he was listed as the best performing CEO in India by Harvard Business Review and seventh in the world. [8] [9] In 2011, Deveshwar received the Padma Bhushan, India's third-highest civilian award. [7]

A lakh (; abbreviated L; sometimes written Lac or Lacs; Devanāgarī: लाख) is a unit in the Indian numbering system equal to one hundred thousand (100,000; scientific notation: 105). In the Indian convention of digit grouping, it is written as 1,00,000. For example, in India 150,000 rupees becomes 1.5 lakh rupees, written as 1,50,000 or INR 1,50,000.

<i>Harvard Business Review</i> journal

Harvard Business Review (HBR) is a general management magazine published by Harvard Business Publishing, a wholly owned subsidiary of Harvard University. HBR is published six times a year and is headquartered in Brighton, Massachusetts.

The Padma Bhushan is the third-highest civilian award in the Republic of India, preceded by the Bharat Ratna and the Padma Vibhushan and followed by the Padma Shri. Instituted on 2 January 1954, the award is given for "distinguished service of a high order...without distinction of race, occupation, position or sex." The award criteria include "service in any field including service rendered by Government servants" including doctors and scientists, but exclude those working with the public sector undertakings. As of 2019, the award has been bestowed on 1254 individuals, including twenty-one posthumous and ninety-six non-citizen recipients.

Death

Deveshwar died on 11 May 2019, and although the immediate cause of death was not announced, it was known that he had been diagnosed with cancer a few years before. [10] [11]

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References

  1. "Y.C. Deveshwar thinks ITC could be a model for running India's PSUs - Business Today". intoday.in. Retrieved 14 June 2015.
  2. 1 2 Nayar, Lola (24 March 2017). "Yogesh Chander Deveshwar, ITC". Outlook. Retrieved 3 March 2019.
  3. Gupta, Indrajit & Surendar, T (2010) "Remaking Indian Tobacco Co.", Forbes.com, 30 June 2010, retrieved 31 July 2011
  4. Ghosal, Sutanuka (2011) "Inhouse talent preferred for ITC heir: Yogi Deveshwar", The Economic Times , 16 June 2011, retrieved 31 July 2011
  5. Kalbag, Chaitanya (5 February 2012). "From centre-half to referee". Business Today. Retrieved 13 June 2015.
  6. Indrajit Gupta & T. Surendar (30 June 2010). "Remaking Indian Tobacco Co". Forbes . Retrieved 13 June 2015.
  7. 1 2 "ITC chief Y C Deveshwar to pave way for successor by February 2017". The Economic Times . The Times Group. 14 June 2011. Retrieved 13 June 2015.
  8. Hansen, Morten T.; Herminia Ibarra; Urs Peyer (30 January 2013). "The Best-Performing CEOs in the World". Harvard Business Review . Harvard Business Publishing. ISSN   0017-8012. OCLC   1751795 . Retrieved 6 June 2015.
  9. "Meet YC Deveshwar: The 7th Best Performing CEO in the World". Yahoo Finance India. Yahoo. 22 January 2015. Retrieved 6 June 2015.
  10. "ITC chairman YC Deveshwar passes away". The Economic Times. 11 May 2019. Retrieved 11 May 2019.
  11. ""Lost our husbands to tobacco let's fight it together, Mrs Deveshwar"". Health news, Medibulletin. 13 May 2019. Retrieved 15 May 2019.