Post top-deck shuffle, Berry exits Britannia

MUMBAI: In a surprise move, Varun Berry has resigned as the vice-chairman, MD and CEO of Britannia Industries, more than a decade after steering the company which rivals players such as Parle and ITC in the fast moving consumer goods (FMCG) space that is facing competition from a new breed of digital-first brands.

Berry, whose current term as the VC and MD was supposed to end in March 2029 left the firm on Monday. In a statement to the exchanges, Britannia said that the company has waived off Berry's obligation to serve the notice period and accordingly he was relieved from the close of business hours on Monday. Following his exit, Berry will also cease to be a member of several key committees. Berry who has had past stints at PepsiCo and Hindustan Unilever (HUL) was re-designated as the CEO in May following Rajneet Kohli's resignation in March. Rakshit Hargave will now also take over the role of the MD, alongside that of the CEO of the company from Dec 15. In the interim, N Venkataraman, currently the executive director and chief financial officer (CFO) will hold additional charge as the CEO of the company. Last week, the company had announced the appointment of outgoing Birla Opus chief Hargave as the CEO and additional whole-time director for a term of five years.

In his resignation letter on Nov 6, Berry had offered to serve his notice period and had said that even after his departure from the company, he would be available to guide Hargave as and when needed. The FMCG space has seen a rejigging of the top deck at major companies this year. Earlier, HUL replaced former CEO Rohit Jawa, passing on the baton to Priya Nair.