ITC Chairman Y C Deveshwar passes away

Updated: May 11, 2019, 20:31 IST | mid-day online desk

YC Deveshwar, who stepped down from executive role in 2017 but remained as a chairman in non-executive capacity, passed away this morning at a private hospital in Gurugram

ITC Chairman Y C Deveshwar passes away
Yogesh Chander Deveshwar. Pic/AFP

New Delhi: Noted industry leader and ITC Chairman Yogesh Chander Deveshwar passed away on Saturday morning after a brief illness at a private hospital in Gurugram, according to company sources. He was 72. The cause of his death is not known. He was reportedly diagnosed with cancer a few years ago. 

YC Deveshwar stepped down from the executive role in 2017 but remained as a chairman in a non-executive capacity. 

In 2011, Deveshwar was conferred with the Padma Bhushan, award. Sanjiv Puri, ITC MD, extending his condolences said: "We deeply mourn the passing away of 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. "In this hour of immense sadness, our hearts go out to his family, wife Bharti Deveshwar, children Gaurav and Garima and to their families to whom we offer our sincerest condolences."

Deveshwar, an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School, was invited by the Indian government, early in his career between 1991 and 1994, to serve as the Chairman and Managing Director of Air India, a period that is remembered for a turnaround in the national carrier with consistent profitability.

He served as a Director on the Central Board of the Reserve Bank of India and as a Member of the National Foundation for Corporate Governance. He was also on the Board of Air India.

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Edited by mid-day online desk with inputs from Agencies

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