Britannia Industries slides as CEO Varun Berry steps down

Britannia Industries fell 5.25% to Rs 5810 after the company announced that Varun Berry, its vice-chairman, managing director and chief executive officer, has resigned with immediate effect.

In a filing to the stock exchanges, Britannia said Berry submitted his resignation on 6 November 2025 and proposed to serve the notice period as per his contract. However, the board accepted his resignation and waived off the notice period, relieving him from duties effective 10 November 2025. The board placed on record his contributions and wished him success in his future endeavours.

The company also announced the appointment of Rakshit Hargave as the new managing director and chief executive officer, effective 15 December 2025. Until then, N. Venkataraman, executive director and chief financial officer, will hold additional charge as CEO.

Hargave previously served as CEO of Birla Opus, the paints venture of Grasim Industries, where he played a key role in building the business from inception, setting up six integrated manufacturing facilities and expanding the distribution network nationwide. He has also held senior roles at Beiersdorf (NIVEA), Hindustan Unilever, Jubilant Foodworks, Nestl? India, and Tata Motors. An IIT-BHU engineering graduate and FMS Delhi MBA, Hargave brings over two decades of experience in FMCG and consumer businesses.

The company?s board recently outlined its growth priorities, focusing on innovation, regional market competitiveness, profitability improvement, adjacent category expansion, and international growth. It expressed confidence that the new leadership team will ?take the company to newer heights.?

Britannia Industries is one of India's leading FMCG companies. The company's principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products. Its consolidated net profit increased 23.14% to Rs 654.47 crore on 3.70% jump in total revenue from operations to Rs 4,840.63 crore in Q2 FY26 over Q2 FY25.

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