Varun Berry Steps Down as Britannia MD and CEO
A senior leader at Britannia Industries, Varun Berry, has stepped down from his roles as vice-chairman, managing director, and chief executive officer (CEO) following more than a decade of leadership at the company. Rakshit Hargave, who was recently selected as the new CEO, is scheduled to assume the position of managing director on December 15.
The company's board members, following the suggestions of the Nomination & Remuneration Committee, during their meeting today (Monday, November 10) approved Varun Berry's resignation and released him from the requirement of completing his mandatory notice period.
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Prior to his current role, Hargave served as the Chief Executive Officer of Birla Opus, a paint-related business within the Aditya Birla corporate portfolio.
N Venkataraman, who currently serves as the executive director and chief financial officer, will temporarily assume the role of chief executive officer until Hargave takes up the position.
He also stepped down from his position as a non-executive, non-independent director at Bombay Dyeing & Manufacturing Company.
Berry commenced his professional journey at Hindustan Unilever in 1986 and subsequently transitioned to PepsiCo India in 1993. In January 2010, he assumed the position of CEO for PepsiCo Foods India. In 2013, he joined Britannia Industries in the role of chief operating officer (COO).
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Until March 31, 2014, Berry served as the executive director responsible for the India Business, and then became the managing director effective April 1, 2014.
Under his leadership, Berry successfully transformed Britannia from a traditional biscuit manufacturer into a comprehensive food company, expanding into diverse food segments such as dairy and other related product categories.
Throughout his leadership period, Britannia Industries experienced a revenue expansion of 1.28 times, reaching Rs.17,943 crore in fiscal year 2025.
During his management timeframe, the company's profit margin before accounting for interest, depreciation, and taxes escalated from 9.7 percent in fiscal year 2014 to 18.8 percent in fiscal year 2025.
Over this period, the profit margin peaked at 21.5 percent, while the company's market value approached approximately Rs.1.48 trillion on Monday, as reported by the National Stock Exchange. This represents a substantial increase from Rs.10,116 crore at the conclusion of March 2013.
Additionally, the company announced that its board of directors, during a meeting held on November 5, had strategically identified and acknowledged potential growth pathways to establish itself as a comprehensive global food enterprise.
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These strategic approaches encompass leading technological advancements and expanding product ranges, effectively competing with regional rivals through cost-effective strategies, enhancing profitability by increasing revenue and gaining market share, pursuing targeted expansion in complementary business sectors, and broadening global market presence.