FILE PHOTO A worker stands next to a production line at the Britannia biscuit factory in New Delhi June 3, 2011. REUTERS
Nov 11 (Reuters) – Shares of India’s Britannia Industries tumbled as much as 6.7% in early trade on Tuesday after its CEO and Managing Director Varun Berry resigned following more than a decade at the packaged foods company.
Berry, who previously worked at firms such as PepsiCo and Hindustan Unilever joined Britannia in 2013 as vice president and chief operating officer before taking charge as MD in 2014.
Berry, who also served as executive vice-chairman at Britannia, was re-designated as CEO in May following Rajneet Kohli’s resignation in March.
The stock was last trading 4.9% lower at 5,830.50 rupees and was set for its worst day in a year.
Britannia, which makes ‘Jim Jam’ and ‘NutriChoice’ biscuits, last week named former Birla Opus chief Rakshit Hargave as its new CEO.
The leadership rejig comes as consumer goods makers in India navigate tax rate cuts and shifting consumer trends, adding pressure to protect margins and sustain growth.
Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema
