Britannia Industries shares fall 6% after long-time MD Varun Berry steps down

Britannia Industries shares fall 6% after long-time MD Varun Berry steps down

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26 Aug, 2025 12:21

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Britannia Industries' shares tumbled 6% in early trade on November 11 after its long-time managing director Varun Berry quit after more than a decade at the helm.

The company has appointed Rakshit Hargave as its Managing Director and Chief Executive Officer, with effect from December 15, 2025, Britannia Industries Ltd said in a regulatory filing.

In the interim, N Venkataraman, currently the Executive Director and Chief Financial Officer, will hold additional charge as CEO of the company till the joining of Hargave, it added.

At 10:05 am on November 11, Britannia shares on NSE were trading 5% lower at Rs 5,810 apiece.

Berry submitted his resignation and proposed to serve the notice period as per his employment contract. The board accepted his resignation and waived his obligation to serve the notice period, the company said.

"Accordingly, his resignation shall be effective, and he shall be relieved from the close of business hours today, November 10, 2025, from his position as Vice-Chairman, Managing Director & Chief Executive Officer of the company," it added.

Berry, who joined Britannia Industries in 2013, was elevated to the top position in May this year.

Prior to the new assignment, Hargave was CEO of Birla Opus, the paints venture of Grasim Industries, Aditya Birla Group.

Berry's departure comes days after the board of Britannia Industries, on November 5, 2025, identified key areas of focus and growth levers for it to become a global total foods company in the coming years. These included leadership in innovation and diversification; aggressively addressing regional competitors supported by cost efficiencies and profit improvement through growth in top line and market share gain.

Besides, it also identified focused growth in adjacency businesses and expansion of international footprint, the company said.

"The board is confident that the management team under the new leadership will be able to take the company to newer heights," Britannia Industries said.