New Delhi: Varun Berry, Managing Director and Executive Vice-Chairman, will temporarily take on the additional position of Chief Executive Officer, Britannia Industries, stated 12 May.
Following the official resignation of former CEO Rajneet Kohli in March this year, who has joined Hindustan Unilever Ltd (HUL), this development has occurred.
As to the company’s regulatory filing on 9 May, Berry’s enlarged job went into effect on 8 May. The Securities and Exchange Board of India (Sebi) listing standards, which stipulate that the CEO position cannot be unfilled, are complied with by this re-designation.
Speaking during the company’s post-earnings conference call on 12 May, Berry confirmed that a structured succession plan is in progress and that a permanent CEO is expected to be announced within the next three to four months.
“It is a statutory requirement that the position of CEO has to be filled,” he said, adding that “succession planning is at play, and it will definitely be clear to you in the next three to four months. Things are in play. I cannot comment on anything more than that right now”.
Berry, who was managing director at the time, was promoted to executive vice-chairman after Rajneet Kohli assumed leadership as CEO in 2022. On 14 March, Kohli formally left his active job at Britannia, and on 7 April, he started working at Hindustan Unilever as the Executive Director, Foods.
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