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)
Residence Kolkata, India
Alma mater IIT Delhi

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 is an Indian multinational conglomerate company headquartered in Kolkata, West Bengal.


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 Metropolis in Punjab, Pakistan

Lahore is the capital of the Pakistani province of Punjab. Lahore is the country's second-most populous city after Karachi, 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. The school offers a large full-time MBA program, 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.


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 banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949.

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.


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]

Related Research Articles

N. R. Narayana Murthy Indian businessman

Nagavara Ramarao Narayana Murthy is an Indian IT industrialist and the co-founder of Infosys, a multinational corporation providing business consulting, technology, engineering, and outsourcing services. Murthy studied electrical engineering at the National Institute of Engineering, University of Mysore, and MTech at the Indian Institute of Technology Kanpur.

Nandan Nilekani Indian businessman

Nandan Nilekani is an Indian entrepreneur, bureaucrat and politician. He co-founded Infosys and is the non executive chairman of Infosys replacing R Seshasayee and Ravi Venkatesan, who were the co-chairs of the board, on 24 August 2017. After the exit of Vishal Sikka, Nandan Nilekani was appointed as non executive chairman of the board effective August 24, 2017. He was the chairman of the Unique Identification Authority of India (UIDAI). After a successful career at Infosys, he headed the Government of India's technology committee, TAGUP. He is a member of Indian National Congress but not active in politics as of 2015.

Y Combinator American seed accelerator founded in March 2005

Y Combinator is an American seed accelerator, started in March 2005. Y Combinator is consistently ranked at the top of U.S. accelerators.

Rajat Gupta Indian-American businessman

Rajat Kumar Gupta is an Indian-American businessman who was the first foreign-born managing director of management consultancy firm McKinsey & Company from 1994 to 2003. In 2012, he was convicted for insider trading and spent two years in jail. Gupta was a board member of corporations including Goldman Sachs, Procter & Gamble and American Airlines, and an advisor to non-profits such as the Bill & Melinda Gates Foundation and The Global Fund to Fight AIDS, Tuberculosis and Malaria. He is the co-founder of the Indian School of Business, American India Foundation, New Silk Route and Scandent Solutions.

Anil Manibhai Naik, popularly known as A. M. Naik, is the Group Chairman of Larsen & Toubro Limited, an Indian engineering conglomerate.

Indrajit Gupta was an Indian politician who belonged to the Communist Party of India (CPI). From 1996 to 1998, he served as Union Home Minister in the United Front governments of prime ministers H. D. Deve Gowda and I. K. Gujral. That was a dramatic reversal of roles, as the home ministry had, since independence in 1947, banned the CPI thrice, with many of its members, including Gupta, being sent to prison or pushed underground for long stretches. He was the longest-serving member having been elected eleven times to the Lok Sabha the lower house of Indian Parliament.He suffered his only electoral reverse when he lost to Ashok Krishna Dutt in 1977 after the CPI supported Emergency.

Jaggi Vasudev Indian mystic

Sadhguru Jaggi Vasudev, often referred to as simply Sadhguru, is an Indian yogi, mystic, and author. He founded the Isha Foundation, a non-profit organization which offers Yoga programs around the world and is involved in social outreach, education and environmental initiatives. His books have appeared in The New York Times Best Seller list in multiple categories like "Health", "Religion, Spirituality and Faith", and "Advice, How-To & Miscellaneous". Sadhguru Jaggi Vasudev has been a primary speaker at the Headquarters of the United Nations, World Economic Forum, Australian Leadership Retreat, Indian Economic Summit and TED. He has also spoken at various educational institutions including, Oxford University, Stanford University, Harvard University, Yale University, Wharton University, London School of Economics and Massachusetts Institute of Technology. He has also been a speaker at Google. Sadhguru was conferred the Padma Vibhushan civilian award by the Government of India in 2017 in recognition of his contribution to the field of spirituality.

Shiv Nadar Indian businessman

Shiv Nadar is an Indian billionaire industrialist and philanthropist. He is the founder and chairman of HCL and the Shiv Nadar Foundation. Nadar founded HCL in the mid-1970s and transformed the IT hardware company into an IT enterprise over the next three decades by constantly reinventing his company's focus. In 2008, Nadar was awarded Padma Bhushan for his efforts in the IT industry. Nadar, nicknamed by friends as Magus, since the mid-1990s has focused his efforts on developing the educational system of India through the Shiv Nadar Foundation. He is the brother of Tamil novelist Ramanichandran.

Anand Mahindra Indian businessman, born 1955

Anand Gopal Mahindra is the Chairman of Mahindra Group, a Mumbai-based business conglomerate. The group operates in aerospace, agribusiness, aftermarket, automotive, components, construction equipment, defence, energy, farm equipment, finance and insurance, industrial equipment, information technology, leisure and hospitality, logistics, real estate and retail. Anand Mahindra is the grand-son of Jagdish Chandra Mahindra, co-founder of Mahindra & Mahindra.

Chanda Kochhar Indian businesswoman

Chanda Kochhar is the former MD and chief executive officer of ICICI Bank. She is widely recognised for her role in shaping retail banking in India. However, on 4th October 2018 she stepped down from her position following allegations of corruption. Amidst investigations related to Videocon bad loans, she was forced by the board of ICICI Bank to take indefinite leave. The Central Bureau of Investigation named Chanda Kochhar and her husband as beneficiaries in the financial fraud. The Justice B N Shrikrishna probe panel reported that Kochhar had violated ICICI Bank's Code of Conduct, following which her service was terminated with all her entitlements and benefits revoked. After her exit, Sandeep Bakhshi, who was the interim Managing Director and CEO became the full time MD and CEO.

Ajit Narain Haksar was the first Indian chairman of ITC Limited, and was voted the Chairman Emeritus of the company. He has received the 'Outstanding Industrialist Award' and the 'Udyog Rattan Award.'

Sam Altman American venture-capitalist in Silicon Valley

Samuel H. "Sam" Altman is an American entrepreneur, investor, programmer, and blogger. He is the chairman of Y Combinator and co-chairman of OpenAI.

The Economic Times Awards for Corporate Excellence are the awards conferred by The Economic Times in the field of business, corporate and government policies, economies in India. It is an annual awards, conferred in various categories. Since 2017, Deloitte Touche Tohmatsu India LLP (Deloitte) has been the title sponsor of the awards. The 2018 leg of the awards will be held on 22 November in Mumbai.

Chander may refer to:

Yogesh Chander Modi current Director-General/chief of the National Investigation Agency (NIA) of India

Yogesh Chander Modi is the current Director-General/chief of the National Investigation Agency (NIA) of India. A 1984 batch officer of the Assam-Meghalaya cadre, Y.C. Modi has over 33 years of experience in the Indian Police Service (IPS). He was designated the Director-General of the NIA on October 30, 2017 and will hold the position till his superannuation on May 31, 2021. The Director-General is highest ranking agency executive in the NIA appointed by central/federal government of India, and Y.C. Modi is the 3rd person to hold this post after Radha Vinod Raju and Sharad Kumar.

Arjun Malhotra is an Indian entrepreneur, industrialist and philanthropist.

Events from the year 2019 in India.


  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.