ITC Ltd, India’s most valued consumer products maker, has appointed Hemant Malik as the new chief executive for its packaged foods business.
The Economic Times reported, citing an ITC spokesperson, that Malik will be based out of Bengaluru, where the foods business is headquartered.
Malik will replace VL Rajesh, who has stepped down to take a year-long sabbatical.
An alumnus of IIM-Calcutta, Malik was so far heading the company’s trade marketing and distribution unit. He took charge of this unit in April this year after handling the tobacco business of the diversified conglomerate.
Malik, who was earlier working with British American Tobacco before joining the Kolkata-based firm, was in the past marketing head for the foods division. He had contributed in the launch of several brands such as Aashirvaad, Sunfeast and Candyman.
B Sumant, the president of the FMCG business including cigarettes, will now get additional charge of trade marketing and distribution.
The spokesperson said that Sumant will be temporarily heading the unit, which will be led by Sandeep Sule in the future.
In July, the company named Sanjiv Puri the company’s chief operating officer. The move indicated that Puri is the front-runner to become the next chairman of India’s fourth-most valued firm when incumbent YC Deveshwar gives up his executive role and takes on a non-executive position at the end of his tenure in February next year.
Deveshwar, 69, is one of the most high-profile CEOs of a non-promoter company in India and has led the company for 20 years. He joined ITC in 1968 and became executive chairman in January 1996. He was re-appointed as the chairman for five years in February 2012.
The company posted net sales of Rs 36,837 crore for the financial year 2015-16 compared with Rs 36,507 crore the year before. Profit after tax rose to Rs 9,844.7 crore from Rs 9,607.7 crore.
Like this report? Sign up for our daily newsletter to get our top reports.