Companies like ITC can be the models for what the public sector can become tomorrow…
Known for his deep insight, Yogesh Chander Deveshwar is an Indian
businessman and became the CEO of Indian conglomerate multi-business
corporation - ITC in the year 1996. He had been serving the company from
1968 up until 2010. ITC is a company started as early as 1910 under the
name ‘Imperial Tobacco Company. The company was re-named Indian Tobacco
Company in the year 1970 finally to take over as ITC in the year 1974.
The tobacco sales in 2012-13 alone were 27,136 Crores which accounts for 56% of its total revenue.
ITC has forayed into other forms of businesses as well.
a) Food
ITC Aashirwad, Sun Feast, Yippee, Candy man and Bingo are the popular
brands associated with the tobacco biggie. ITC is India’s third largest
seller of branded foods with a sales turnover crossing over 4,600 Crore
in the year 2012-2013.
b) Life style Apparel
ITC sells its products on apparel through Wills Lifestyle and John Players brand.
c) Personal care
Personal care products include Vivel, Fiama Di Wills, Essenza Di
Wills, Superia and Engage. These products fall under hair care, perfumes
and skin care categories.
d) Stationery
The ITC brands include Classmate, Paper Kraft and Color Crew.
Launched in 2003, Classmate went on to become the largest notebook brand
in 2007.
The other brands ITC has marked footprints in the hotel industry,
packaging industry, safety matches and incense sticks and finally the
coveted IT industry. The ITC Pvt Ltd has thus left no leaf unturned.
Early Days and Education
Y C Deveshwar was born on the 4th of February 1947 in Lahore, British
India. He did his B Tech in Mechanical Engineering from the Indian
Institute of Technology, Delhi. He completed his engineering degree in
the year 1968. Y C Deveshwar joined ITC ltd in the year 1968. He was
appointed as a Director on the Board of the Company in 1984 and became
the Chief Executive and Chairman of the Board in 1996..
There is media speculation that he might step down in 2010. In March
2010, Kurush N Grant was appointed to the ITC board. Two other new
directors namely Nakul Anand and P V Dhobale were further included to
the Board.
Mr. Deveshwar recently bought a bungalow at South Central Delhi for
almost 85 Crores. This is the highest net worth of a salaried employee
going in for such a plush property. The property has been named
“Shantini Ketan”. The transaction is an all cheque transaction as per
insider reports. The particular transaction is such a rarity in a
commercial hub like Delhi where the property value is up front paid in
cash. This is the news pertaining to the chairman of ITC more on the
personal front.
The Spark
Y C Deveshwar joined ITC as a management trainee. It was in the year
1972 that he was made as the MBO advisor at the Corporate head quarters
which were then located in Kolkata. In the year 1974, he had become a
factory manager and was leading the ITC's Packaging and Printing Plant
which was located in Chennai. It was in the year 1984 that he was made
the Director and from the year 1996 he has been serving as the CEO as
well as the Chairman of the ITC Foods Ltd. Some of his earlier board
memberships are mentioned below:
• He was the Former Non Executive Director with the HT Media Limited.
He was also the former Chairman and MD at the Air India Limited. He
acted as the Director for International Travel House.
• He is presently serving as the chairman and the CEO of ITC Foods Limited.
His Journey with CMC
Y C Deveshwar joined the tobacco based FMCG way back in 1968. He
joined the Board of Directors in the year 1984 and finally became the
coveted CEO of ITC in the year 1996. He held his position up until 2010
before two other directors named Nakul Anand and P V Dhobale were
further introduced to the board.
Y C Deveshwar joined the tobacco based FMCG way back in 1968. He
joined the Board of Directors in the year 1984 and finally became the
coveted CEO of ITC in the year 1996. He held his position up until 2010
before two other directors named Nakul Anand and P V Dhobale were
further introduced to the board.
Today FMCG alone contributes to 5000 Crores worth turnover which has
been made possible with the simple man’s efforts. In the hotel industry,
ITC range of Sheraton hotels occupies a top slot. In paper and
packaging ITC stands the best. He said that ITC tops the list as far as
agricultural industry is concerned. He says though FMCG’s estimated
value stands at 5000 Crores; the good will earned by the company over
other competitors exceeds 10,000 Crores or even more. Such a wide
potential has brought about by the great man.
He is a man who has led the synergy within different growth segments.
In an exclusive interview held by a popular business forum, Mr. Y C
Deveshwar was specifically asked to differentiate between the number one
player and ITC.
His immediate reply was that the firm was at 5000 Crore worth FMCG.
This is excluding the tobacco business while the number one player
stands at 15,000 Crore turnover in FMCG. He also said that the firm was
not lagging behind in a massive way. He also emphasized on the good show
put up by ITC in the field of Education and Scholastics, Agarbatti
business, food businesses, etc.
He categorized food businesses into various segments such as staples
and spices, ready to cook subjis and condiments, biscuits,
confectionery, and Noodles named Yippee. Thus within a short span of
time, he marketed the food business of ITC by leaps and bounds.
He wants to establish goodwill in India, which is what brings pride
to the nation. A premiered institute like Harvard would not have
conferred a 7th position on this guy for nothing. It definitely means
there is some substance in the guy running the show.
During the career stint of Y C Deveshwar with ITC, the company’s
profits grew from 260 Crores to 4000 Crores which is not a simple feat
at all.
People see Mr. Deveshwar as the face of the company as such. In tough
business decisions and difficult situations, everyone flock to this
guy. But on the whole, each division has a separate CEO.
The guy behind ITC’s coveted FMCG still has a long way to go and many more milestones to achieve.
Family
Y C Deveshwar was born on the 4th of February in the year 1947 in
Lahore, British India. Mr. Deveshwar is married to Bharati Deveshwar.
Awards & Accolades | |
Y C Deveshwar was awarded the most prestigious award by the Indian government, Padma Bhushan in the year, 2011 | |
Ernst and Young conferred an award namely “Manager Entrepreneur of the year 2001”, to Mr. Y C Deveshwar. | |
Y C Deveshwar was also named as the “Business Person of the Year” by the UK government. | |
Y C Deveshwar was ranked as the 7th best performing CEO in the world in a global study of 100 CEO’s. The study was done by the Harvard Business Review in its January-February 2013 edition. | |
Mr. Deveshwar was also honored with the Distinguished Alumni Award of the Indian Institute of Technology, Delhi and also the Honorary Fellowship of the All India Management Association. | |
He also received the 'Meridien Hotelier of the Year' Award. | |
He was inducted to the 'Hall of Pride' at the Indian Science Congress, in year 2006 | |
Mr. Deveshwar was honored with the Lakshya Business Visionary Award, in year 2006. | |
He was also awarded the SAM/SPG Sustainability Leadership Award, 2007. | |
He was also awarded the award “Marketing Man of the Year”, which was given by A&M. | |
Deveshwar ranks first amongst the Indian CEOs featured in this elite list, which was decided after evaluating how much total shareholder returns had changed over a time period from the CEO's first day in office to 31st August 2012, as well as the overall increase in market capitalization. | |
Professional Affiliations | |
ITC Hotels Ltd. | |
Harvard Business School | |
Confederation of Indian Industry | |
Indian Institute of Technology, Delhi | |
HT Media Limited | |
Air India Limited | |
ITC Infotech India Ltd. | |
Indian School of Business | |
International Travel House | |
ITC Foods Limited | |
Quotes | |
Because everybody is thinking of quarterly-quarterly thinking. And nobody is thinking 10-15-20 years… Definition of independent must not mean you should be disinterested. That you should have no skin in the game. | |
Because they felt that we are in mid-stream… At this time, it requires continuity, stability and consolidation, and it requires grooming of people. | |
I started as a centre-half, because in a situation of crisis… there were so many fires that you have to take the hose in your hand and run around and put out the fire and at the same time start constructing. Now I am like a referee. Now I whistle. | |
"By rule books you don't get governance." | |
People live through their entire lives, and they only move from one bank to another bank, but have never seen how to create a new bank, or how to create a new enterprise. | |
My grandchildren, when they grow up, they should be able to get employment in ITC. And not that this company has disappeared. | |
We are a water positive company, we are carbon positive company, and we are a waste-recycling positive company. |
கருத்துரையிடுக Facebook Disqus