Y C Deveshwar, the noted industry leader and longest serving chairman of ITC group, passed away aged 72 at a private hospital in Gurugram on Saturday morning after a brief illness. He is survived by his wife and son.
Reports quoting industry sources have confirmed though ITC has not officially announced the news.
Born in Lahore on February 4, 1947, Deveshwar is an alumnus of the Indian Institute of Technology (IIT) Delhi and Harvard Business School.
He joined ITC in 1968. He was appointed as a director on the board of the company on April 11, 1984, and became the chief executive and chairman of the board on January 1, 1996.
Deveshwar had stepped down from executive role in 2017 but remained as a chairman in non-executive capacity.
In 2011, Deveshwar received the Padma Bhushan, India’s third-highest civilian award.
(This is a developing story. More details will be updated soon.)