ITC Chairman YC Deveshwar dies, PM Modi mourns

He was 72.

YCD, as he was popularly called, headed the diversification of the conglomerate to an FMCG company, breathed his last at a private hospital in Gurugram.

Mourning his death, ITC group said in a statement: " We deeply mourn the passing away of Mr Y C   Deveshwar, Chairman ITC. In this hour of profound grief and sorrow, we recall with respect and pride the legendary stewardship he provided to  ITC over two decades as its Chairman. Inspired by a patriotic fervour, manifest in his clarion call of ‘Lets Put India First’, he led ITC's   strategic thrust to create an exemplary Indian enterprise dedicated to serving national priorities."

Conferred the Padma Bhushan by the  Government of India for his outstanding service to the nation, Mr   Deveshwar passionately championed the cause for sustainable and   inclusive growth and the transformative role businesses could play in   creating larger societal value."

"This vision drove ITC to pursue business   models that today supports over 6 million livelihoods, many amongst the   weakest in society," it said.

Spearheading a journey of stellar growth that led the Harvard Business Review to rank   him the 7th Best Performing CEO in the world, his leadership transformed  ITC into a valuable and admired multi business conglomerate with a   robust portfolio of front-ranking businesses in FMCG, Hotels, Paperboards & Paper, Packaging and Agri-Business. 

He stepped down as the Chief Executive of the company in 2017 and started serving as Non-Executive Chariman. 

He passed away after prolonged illness.

Indian PM Narendra Modi mourned the death of the business icon.

Modi tweeted: "Shri YC Deveshwar made a strong contribution to Indian industry. His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and the ITC group in this hour of grief."

Andhra Pradesh CM Chandrababu Naidu posted: "Deeply saddened by the sudden passing away of one of the stalwarts of Indian industry, Sri YC Deveshwar. His unmatched efforts in building a world class brand like ITC are worth emulating for industrialists of ages and generations to come. My deepest condolences to his family."

Congress leader Randeep Singh Surjewala condoled by saying: "My deepest condolences on passing away of Shri YC Deveshwar. His immense contribution towards Indian industry and ITC is unparalleled and shall always be remembered. My thoughts and prayers with his family, friends and colleagues. May his soul rest in peace."

West Bengal CM Mamata Banerjee described him as a 'giant in the corporate world'.

"Saddened at the passing away of Y C Deveshwar Ji. He was a giant in the corporate world. I have many memories of him as a distinguished captain of industry. Condolences to his family, his colleagues and his admirers," she said.

According to ITC's website, Mr Deveshwar joined the company in 1968 and is widely credited for ITC's transformation from being a tobacco company to becoming an FMCG giant.

In 2011, Deveshwar received the Padma Bhushan, India's third-highest civilian award.

  Yogesh Chander Deveshwar, was born on February 4, 1947 in Lahore ( Pakistan) and had educated at Harvard Business School and Indian Institute of Technology Delhi, and had over two decades of experience at the helm of ITC as the Executive Chairman and Chief Executive Officer till February 4, 2017.