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Board of Directors



Y C Deveshwar

Executive Directors

Nakul Anand P V Dhobale K N Grant

Non-Executive Directors

A Baijal S Banerjee A Duggal
A V Girija Kumar S H Khan R E Lerwill
S B Mainak S B Mathur P B Ramanujam
S S H Rehman Meera Shankar K Vaidyanath


image of Y C Deveshwary c deveshwar

Y C Deveshwar (68) joined ITC in 1968 and is an alumnus of the Indian Institute of Technology, Delhi and Harvard Business School. He was appointed as a Director on the Board of the Company in 1984 and became the Chief Executive and Chairman of the Board on January 1, 1996. Between 1991 and 1994, he led Air India as Chairman and Managing Director.

Under his leadership, ITC's Sustainability initiatives were given shape by fashioning corporate strategies that not only enhance shareholder value but add significantly to the development of natural and social capital. ITC is a global exemplar in sustainable business practices and is the only company in the world, of comparable dimensions to be 'carbon positive', 'water positive' and 'solid waste recycling' positive. The company's businesses generate livelihoods for around 6 million people, many of whom represent the poorest in Rural India. The pioneering farmer empowerment initiative, ITC e-Choupal, is today the world's largest rural digital infrastructure and is a case study at the Harvard Business School besides receiving several global awards including the inaugural World Business Award instituted by the United Nations Development program (UNDP), International Chamber of Commerce (ICC) and the HRH Prince of Wales International Business Leader's Forum. ITC was also conferred the World Business and Development Award 2012 at the Rio+20 United Nations Summit by the UNDP, ICC and the International Business Leader's Forum for its Social and Farm Forestry Programmes.

Deveshwar is a Director on the Central Board of the Reserve Bank of India. He is a Member of the National Integration Council, Board of Trade, the National Manufacturing Competitiveness Council and the Committee for Reforming the Regulatory Environment for Doing Business in India constituted by the Government of India. He is also a member of the Board of Governors of the Indian School of Business and the former Chairman of the Society and Board of Governors of the Indian Institute of Management, Calcutta. He serves on the National Executive Committees of some of India's premier trade and industry bodies, and is a member of the UK-India CEOs Forum instituted by the Governments of India and the United Kingdom. Deveshwar is a Past President of the Confederation of Indian Industry.

In 2011, Deveshwar was conferred the Padma Bhushan, one of the highest civilian awards in the country, by the Government of India in recognition of his distinguished service of a high order to the Nation. He has been ranked by the Harvard Business Review as the 7th Best Performing CEO in the world. Amongst several other awards and recognitions during his distinguished career, Deveshwar has been honoured with the Global Leadership Award by the US-India Business Council of the US Chamber of Commerce in 2010, the Business Leader of the Year Award from All India Management Association in 2012, Business Person of the Year Award 2006 by the UK Trade & Investment presented by His Royal Highness Prince Andrew, the Duke of York, and the Sustainability Leadership Award 2007 conferred at Zurich at the International Sustainability Leadership Symposium. He was inducted to the prestigious Hall of Pride at the Indian Science Congress in 2006. Earlier, he was also named Manager Entrepreneur of the Year 2001 by Ernst & Young.


image of Nakul Anandnakul anand

Nakul Anand (58) was appointed a Director on the Board of ITC effective January 3, 2011. In addition to overseeing the Hospitality, Travel & Tourism businesses of ITC, he has taken over, in December 2014, the responsibility for overseeing the Lifestyle Retailing Business.

An Economics Honours graduate from Delhi University with an AMP degree from Bond University, Australia, Anand joined ITC Hotels' Management Training Programme in 1978 and also served as the Managing Director of erstwhile ITC Hotels Limited during the period 2003-05.

In a career that spans over three decades, Anand has been acknowledged for his vision and commitment. Leveraging the significant learning of sustainable excellence within ITC, he led the team at ITC Hotels to pioneer the concept of 'Responsible Luxury' in the hospitality industry, securing LEED Platinum certifications for all ITC super premium luxury hotels, making it the 'Greenest Luxury Hotel Chain in the world'. He has formulated value-based strategies to create a unique quality control model. His dynamic leadership and passion for the business is recognised and acknowledged by his peers. He is the Chairman of the CII National Tourism Committee as well as of the Federation of Associations in Indian Tourism & Hospitality. Anand is immediate past President of the Hotel Association of India.


image of P Dhobalep v dhobale

P V Dhobale (59), was appointed a Director on the Board of ITC effective January 3, 2011. In December 2014, he has taken over the responsibility for overseeing ITC's FMCG businesses. Before taking over his current portfolio, Dhobale was responsible for overseeing the Paperboards, Paper and Packaging businesses of ITC and also represented the Finance and IT functions on the Board.

A Chemical Engineer from the Indian Institute of Technology, Mumbai, he joined erstwhile ITC Bhadrachalam Paperboards Limited (ITC Bhadrachalam) as a Management Trainee in 1977 and became its Managing Director in 2000.

Dhobale is credited with the successful turnaround of ITC Bhadrachalam in 2001, and exponential growth thereafter. He spearheaded the growth involving capital infusion of over US$ 500 million through brownfield organic growth as well as acquisitions. Under his leadership, ITC's Bhadrachalam Mill emerged as the largest single-location paper mill in the country producing more than half a million tonnes of paper & paperboard. Under his stewardship, and in line with ITC's sustainability strategy, over 160,000 hectares of plantations were developed, the pioneering ECF and Ozone Bleaching Technology were introduced, ITC became a member of the Global Forest and Trade Network and successfully implemented a number of 'Clean Development Mechanism' Projects.

Dhobale is an active member of several industry bodies. He has been nominated by the Ministry of Commerce and Industry, Government of India, as Chairman of the Development Council for Pulp, Paper & Allied Industries for two years. He is the past President of IPPTA and Indian Paper Manufacturers Association. He has held several important portfolios in CII, particularly in the field of Environment & Energy. Dhobale is also the Founder President of Indian School of Business – Centre for Executive Education Alumni Association, Hyderabad Chapter.


image of Kurush N Grantkurush n grant

Kurush N. Grant (57), was appointed a Director on the Board of ITC effective March 20, 2010. In December 2014, he has taken over the responsibility for overseeing Paperboards, Paper and Packaging businesses of ITC and also the Finance and IT functions. Grant was responsible for overseeing ITC's FMCG Businesses till November 2014. After completing his MBA in 1979, he worked with DCM as a Management Trainee before joining ITC in 1980 in the Marketing function.

During his tenure in the Company, he has handled a wide range of responsibilities in Sales, Brand Management and Product Development. He was Executive Vice President - Marketing of the Tobacco Division before becoming Divisional Chief Executive in 1999. He has been involved in the incubation and development of ITC's new initiatives in the FMCG sector.

Grant is a Member of the Executive Committee of the Indian Chamber of Commerce Calcutta. He also chairs the FMCG Committees of some of India's premier trade & industry bodies. He is a past Chairman of CII - Eastern Region, Indian Society of Advertisers, the National Readership Studies Council as well as the Audit Bureau of Circulations, India.


image of Anil Baijalanil baijal

Anil Baijal (68), joined the ITC Board as a Non-Executive Independent Director on January 22, 2010. Prior to this, he represented the Specified Undertaking of the Unit Trust of India on the ITC Board from July 2007 to August 2009.

Baijal joined the Union Territories Cadre of Indian Administrative Service in 1969 and retired in October 2006 as Secretary, Ministry of Urban Development, Government of India. In a career spanning over 37 years, he held various important assignments including that of the Union Home Secretary, Chairman & Managing Director - Indian Airlines, Chief Executive Officer - Prasar Bharti Corporation, Vice-Chairman - Delhi Development Authority, Development Commissioner, Goa, and Counsellor in-charge of the Indian Aid Programme in Nepal. He piloted the flagship programme - Jawaharlal Nehru Urban Renewal Mission - for improving infrastructure and basic services in the country. Currently, Baijal is a Senior Advisor to IDFC Limited.

He is also on the Boards of DLF Pramerica Life Insurance Company Limited and International Travel House Limited.


image of Shilabhadra Banerjeeshilabhadra banerjee

Mr. Shilabhadra Banerjee (66) joined the ITC Board as an Independent Director on July 30, 2014.

Mr. Banerjee, a Masters in History from St. Stephen's College, Delhi, Post Graduate Diploma holder in Public Administration from the Indian Institute of Public Administration, New Delhi, and an M. Phil in Social Sciences from the University of Panjab, began his career in the Indian Administrative Service in 1971. In a career spanning over 37 years, he has held several eminent positions including that of Joint Secretary in the Ministries of Petroleum & Natural Gas and Urban Development. Mr. Banerjee was Director General (Acquisition) in the Ministry of Defence and retired as Secretary, Ministry of Tourism in October 2008. Mr. Banerjee also served on the Board of the Company from 4th February, 2010 to 26th March, 2014.

Mr. Banerjee does not hold directorship in any other company.


image of Arun DuggalARUN DUGGAL

Arun Duggal (68) joined the ITC Board as an Independent Director on 15th September, 2014.

Duggal, a Mechanical Engineer from IIT, Delhi, and an MBA from IIM, Ahmedabad, is an international banker with global experience in financial strategy, M&A and capital raising. His professional career includes 26 years with Bank of America (BoA), primarily in the USA, Hong Kong and Japan, with his last assignment as Chief Executive with BoA, India, from 1998 to 2001. He was the CFO of HCL Technologies Limited, India, from 2001 to 2003. He has also been the Chairman of the American Chamber of Commerce, India, and on the Board of Governors of the National Institute of Bank Management. Duggal is presently Chairman of FICCI’s Centre for Corporate Governance, a visiting faculty at IIM, Ahmedabad, and a Senior Advisor, Asia Pacific for Transparency International, Berlin. He is involved in several initiatives in social and educational sectors.

Duggal is the Chairman of Shriram Transport Finance Company Limited, Shriram City Union Finance Limited, Shriram Capital Limited and International Asset Reconstruction Company Pvt. Limited. He is also Director on the Boards of Dish TV India Limited, Adani Ports and Special Economic Zone Limited and Sanlam Limited, South Africa, among others.


image of AV Girija KumaraV girija kumar

A. V. Girija Kumar (54), joined the ITC Board as a representative of the General Insurers' (Public Sector) Association of India on March 19, 2010. He holds a Masters degree in Business Administration from Jawaharlal Nehru Technological University.

In a career spanning over 32 years, Girija Kumar was with The New India Assurance Company Limited (New India). In New India, he worked at many centres across India, holding various positions including that of Divisional Manager, Senior Divisional Manager and Regional Chief before moving to the Corporate Office in Mumbai as Deputy General Manager overseeing techno-marketing, foreign business development and investments.

On secondment, Girija Kumar was posted as General Manager (Non-Life) - Saudi Indian Company for Cooperative Insurance in Saudi Arabia. His responsibilities included facilitating an IPO to raise capital and completing the legal formation of the company in the Kingdom of Saudi Arabia. He joined National Insurance Company Limited (NIC) as a General Manager in 2009 and is currently the Officiating Chairman-cum-Managing Director of NIC.


image of S H Khans h khan

S. H. Khan (76), joined the ITC Board as a Non-Executive Independent Director on October 30, 2006. Khan is a former Chairman and Managing Director of Industrial Development Bank of India (IDBI). He holds a Masters degree in Commerce and is a University gold medalist.

The professional career of Khan, spanning over 35 years, includes initial 5 years as an Officer in RBI in the Department of Banking Operations and Development. He thereafter joined IDBI soon after its formation. He served IDBI in various capacities for over three decades and retired after a five-year tenure as its Chairman and Managing Director in 1998. By virtue of his long association with IDBI, he possesses deep knowledge of Indian industry and finance. During his tenure as Chairman, IDBI witnessed unprecedented growth in its operations and profits. He was instrumental in setting up IDBI Bank as commercial bank, which later got merged with IDBI.

He was also associated with setting up of three important capital market entities viz. NSE, NSDL and CARE and guided their initial operations as Chairman of the Board of Directors. He has served as a member of a number of committees set up by Government / RBI on matters connected with Indian industry and finance. He also served on the Boards of several important institutions including LIC, UTI, GIC, Exim Bank, Air India and Indian Airlines. Currently he serves as an Independent Director on the Boards of several companies including Bajaj Auto Ltd and Infrastructure Development Finance Company Ltd.


image of R LerwillR E Lerwill

R. E. Lerwill (62), joined the ITC Board as a representative of Tobacco Manufacturers (India) Limited, a subsidiary of British American Tobacco p.l.c. (BAT), the ultimate holding company, with effect from November 18, 2013. Lerwill attended Nottingham University before qualifying as a Chartered Accountant. He later completed the Harvard Business School Advanced Management Program.

Lerwill was on the Board of BAT as a Non-Executive Director from January 2005 to April 2013 where he was Chairman of the Audit Committee and also a member of the Nominations and Remuneration Committees. Until June 2003, Lerwill was an Executive Director of Cable and Wireless plc where he served as Finance Director between 1997 and 2002 and Chief Executive of Cable and Wireless Regional between 2000 and 2003.

From 1986 to 1996 he was Group Finance Director of WPP Group plc. In both companies, he was instrumental in developing and managing major international businesses. Lerwill was Chief Executive Officer of Aegis Group plc from February 2005 to November 2008. He was Chairman of Synergy Health plc until June 2012.


image of S B MainakS B Mainak

S B Mainak (58) joined the ITC Board as a Non-Executive Director effective April 25 2014, representing Life Insurance Corporation of India. A qualified Chartered Accountant, he joined LIC as a Direct Recruit Officer in 1983 and is currently a Managing Director. Prior to this, he was Executive Director (Investment Operations), managing LIC's funds of more than Rs. 14 lakh crores. During his long tenure at LIC, he has contributed to several functions including Finance and Accounts, Marketing and Investments.

Mainak also had a stint in academics as Professor (Life Insurance) and Head of Finance Department in National Insurance Academy (NIA), Pune, where he was instrumental in creating new teaching programmes in finance and investment. He also spearheaded the setting up of the LIC Pension Fund Company Pvt. Ltd.

Mainak is the Chairman of LIC Nomura Mutual Fund Trustee Co. Pvt. Ltd. He is also on the Boards of National Stock Exchange of India Limited, Mahindra & Mahindra Limited, LIC Cards Services Limited,  LIC (Nepal) Limited. Mainak is a Member of Governing Board of National Insurance Academy, Pune and is the Dy. President of Insurance Institute of India. He was conferred the 'NDTV Profit Business Leadership Award', 'CNN-IBN Indian of the Year Award' and 'Dataquest IT Persons of the Year' in 2009.


image of S B Mathurs b mathur

S B Mathur (70) has been on the ITC Board since July 29, 2005, first as a representative of LIC and then in his individual capacity as a Non-Executive Independent Director.

A qualified Chartered Accountant, Mathur retired from LIC in October 2004 as its Chairman. Subsequently, the Government of India appointed him the Administrator of the Specified Undertaking of the Unit Trust of India in December 2004, up to December 2007.

Mathur took over as Chairman of LIC at a time when the insurance sector had just opened up. Under his leadership, LIC successfully rose to the challenges of a competitive environment by enhancing product offerings. He joined LIC in 1967 as a Direct Recruit Officer and rose to the rank of Chairman. He held various positions in LIC including Senior Divisional Manager of Gwalior Division, Chief of Corporate Planning, General Manager of LIC (International) E.C., Zonal Manager in-charge of Western Zone and Executive Director. Mathur is Director on the Boards of National Stock Exchange of India Ltd, Infrastructure Leasing & Financial Services Limited, DCM Shriram Industries Limited and Havells India Limited among others.


image of P B Ramanujamp b ramanujam

P B Ramanujam (70) has been on the Board of ITC since October 30, 1998, first as a representative of GIC and its erstwhile subsidiaries and then in his individual capacity as a Non-Executive Independent Director. A qualified Chartered Accountant, Ramanujam has held several responsibilities in GIC covering finance, accounts, investments, reinsurance, information technology etc. He was General Manager and Director with the National Insurance Company Limited, and the Managing Director of GIC till July 31, 2004.

Ramanujam has served as a faculty member at the National Insurance Academy, Pune. He was also the Chairman of the Committee appointed by the interim Insurance Regulatory Authority (IRA) for prescribing norms, rules and regulations in the area of finance. He has also been a member of three other IRA Committees on technical issues, investment matters and insurance regulatory information system. He was a member of FICCI's Reinsurance Sub-Committee, the Insurance Tariff Advisory Committee and the Advisory Committee on Finance of the Insurance Regulatory and Development Authority (IRDA). Currently he is a member of IRDA's Reinsurance Advisory Committee and the Committee to suggest regulatory changes with regard to capital structure, IPOs, mergers & acquisitions etc. of insurance companies.


image of S S H Rehmans s h rehman

S. S. H. Rehman (70) was appointed as a Non-Executive Independent Director on the Board of ITC effective July 27, 2012. His illustrious career began with a tenure in the Indian Army after he graduated from the Indian Military Academy in Dehradun. He moved to the hospitality industry in 1975 and joined ITC in 1979, beginning a three decade association with the Company.

Rehman was appointed Managing Director of erstwhile ITC Hotels Limited in 1994. Subsequently, he joined the Board of ITC as an Executive Director in 1997, and over the next 12 years was responsible for several businesses - Hotels, Travel & Tourism and Foods. During this period, he ably led ITC's Hotels business in consolidating its position as one of India's leading hospitality chains.

Rehman was the Founder President of the Hotel Association of India, and a member of the World Travel & Tourism Council, Experience India / Incredible India and has headed several industry associations including tourism committees of FICCI, ASSOCHAM and CII. Rehman has been a recipient of several awards and honours, recognising his vast contribution to Indian hospitality industry.


image of Meera Shankarmeera shankar

Meera Shankar (64) was appointed as a Non-Executive Independent Director on the Board of ITC effective September 6, 2012. A Post Graduate in English Literature, she joined the Indian Foreign Service in 1973 and had an illustrious career spanning 38 years. She served in the Prime Minister's Office for six years, from 1985 to 1991 working on foreign policy and security matters. Thereafter, she led the Commercial Wing in the Indian Embassy in Washington as Minister (Commerce) till 1995. She returned as Director General of the Indian Council of Cultural Relations overseeing India's cultural diplomacy. She has had extensive experience in South Asia having worked on Bangladesh, Sri Lanka and Maldives as Under Secretary and Deputy Secretary in the Ministry of External Affairs. Later, as Joint Secretary she headed divisions dealing with neighbours, Nepal and Bhutan, and the South Asian Association of Regional Cooperation (SAARC). As Additional Secretary, she handled the UN and international security issues.

She served as Ambassador of India to Germany from 2005 to 2009 and then to the United States from 2009 to 2011. She does not hold directorship of any other company.


image of K Vaidyanathk vaidyanath

K. Vaidyanath (64) was appointed as a Non-Executive Director on the Board of ITC effective January 3, 2011. Prior to this appointment, he was an Executive Director on the ITC Board for 10 years from January 2001, responsible for the Company's Finance, IT, Internal Audit and Corporate Communication functions, its investment subsidiary, its Paperboards & Specialty Papers, Packaging and Information Technology businesses.

Before his elevation to the Board as an Executive Director, he was the Company's Chief Financial Officer. An MBA from XLRI, Jamshedpur, in his 35-year tenure with ITC, Vaidyanath held various positions in the Company's Finance function. He has been a recipient of the 'Best CFO' Award from Business Today and the 'Best CFO in the FMCG category' Award from CNBC-TV18.

Terms and conditions of appointment of Independent Directors

Directors' Familiarisation Programme