The decision on the appointment could be taken at a board meeting on May 13.
ITC is likely to appoint its Managing Director Sanjiv Puri as the chairman, according to a report by The Economic Times. YC Deveshwar, the company’s longest-serving chairman, passed away on May 11.
The decision could be taken on May 13 when the board will meet to review its results for the quarter ended March 31, a source told the paper.
The appointment is almost inevitable since Deveshwar was already mentoring Puri and preparing him for the role, a source told the paper.
Moneycontrol could not independently verify the story.
ITC declined a request for comment, when approached by The Economic Times.
Puri was appointed as chief executive officer (CEO) in 2017, and as MD in 2018. He also heads ITC’s corporate management committee.
Puri, who joined ITC in 1986, is an alumnus of Indian Institute of Technology, Kanpur and Wharton School of Business.
Puri has also held the role of chief operating officer (COO), and headed ITC’s FMCG, paperboards, paper and packaging and agri-businesses before that.
ITC is not required by law to divide the role of a chairman between executive and non-executive, an industry executive told the paper.
“It was split in 2017 so that Deveshwar can step down from day-to-day management and mentor the chosen successors as non-executive chairman,” the industry executive told The Economic Times.In 2018, ITC’s board extended Deveshwar’s tenure as a non-executive chairman till 2022 so that he could groom Puri.