Varun Berry, executive vice-chairman, managing director and CEO of biscuit maker Britannia Industries, has resigned from the company after a 13-year stint, marking a major leadership transition at the FMCG major.
Berry’s exit — long before his present tenure ends in 2029 — comes within a week of Britannia announcing appointment of Rakshit Hargave — currently CEO of paint maker Birla Opus — as whole-time director and CEO effective December 15, 2025. Hargave is set to leave the Aditya Birla group entity on December 5.
While Berry had offered to serve his notice period and guide the incoming CEO, the board, based on the recommendation of the nomination and remuneration committee, waived the requirement.
“Accordingly, his (Berry’s) resignation shall be effective, and he shall be relieved from the close of business hours today i.e. 10th November 2025, from his position as vice-chairman, managing director and chief executive officer of the company. The board placed on record his contributions to the company and wished him all the best in his future endeavours,” a statement from Britannia said.
The company has appointed Natarajan Venkataraman, executive director and chief financial officer, as interim CEO until Hargave formally takes charge next month. Moreover, Britannia also decided to make Hargave the MD of the company, apart from a CEO, post Berry’s sudden departure.
Berry also resigned from the board of Bombay Dyeing as a non-executive and non-independent director of the company, effective from November 10, with this announcement closely following his resignation from Britannia, cutting his ties with two listed entities of the Nusli Wadia-led empire.
Berry’s departure follows a series of top-level changes at Britannia that began on March 6, 2025, when then-CEO Rajneet Singh Kohli resigned to pursue external opportunities. Kohli had joined the company in September 2022 for a period of five years until September 2027.
Berry was redesignated as vice-chairman, MD and CEO on May 8, 2025. During the company’s Q4FY25 earnings call, Britannia had already indicated that a succession plan was underway.
Berry, who joined Britannia from PepsiCo in 2013 as chief operating officer, was elevated to managing director in 2014 after the exit of Vinita Bali and later became executive vice-chairman in September 2022. His tenure was extended in May 2023 for five years from April 1, 2024 until March 2029.
Britannia on Monday said that the company’s board remains confident in the new leadership and has identified various growth levers at its board meeting on November 5 to become a “global total foods company” in the coming years.
These include leadership in innovation and diversification, aggressively addressing regional competitors supported by cost efficiencies, profit improvement through growth in top line and market share gain, focused growth in adjacency businesses and expansion of international footprint.