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Regular-article-logo Wednesday, 17 April 2024

ITC gets a new CFO

Following Dutta’s appointment from September 5, Rajiv Tandon will relinquish the role of chief financial officer he held for close to a decade

Our Special Correspondent Calcutta Published 07.09.20, 01:54 AM
Supratim Dutta

Supratim Dutta Sourced by the Telegraph

ITC Ltd is going to have a new helmsman to steer its finances. Supratim Dutta, a lifer at the company, has been elevated as the chief financial officer (CFO) of the company.

Following Dutta’s appointment from September 5, Rajiv Tandon will relinquish the role of CFO he held for close to a decade. Tandon will, however, continue to remain on the board of ITC as a wholetime director. Dutta will report to him.

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In the annual general meeting of the company on Friday, shareholders approved Tandon’s reappointment on the board of directors for one year with effect from July 22, 2021.

Before joining the ITC board on January 22, 2016, Tandon, 66, was the CFO of the company. He continued to hold the post till the elevation of Dutta, who was designated as the corporate finance controller of ITC before the management shake-up.

Dutta, 53, joined ITC on November 1, 1990, soon after qualifying as a chartered accountant and cost accountant.

“He has wide ranging experience in the company for nearly 30 years, covering various aspects of finance, including planning, treasury, M&A, accounting, taxation, IT, investor relations and business strategy,” ITC said in a filing to the bourses.

He was also the chairperson of the finance and banking committee of the Bengal Chamber of Commerce & Industry.

Abneesh Roy, executive vice-president of Edelweiss Securities, termed the organisational restructuring as positive for ITC.

“The average age of the top management continues to reduce, started earlier by the appointment of Sanjiv Puri as the chairman. He is quite accessible to the investors,” Roy said.

In March this year, Vikas Gupta became the divisional chief executive of education and stationery business, while Rajnikant Rai was made the divisional chief executive of the agri business in July 2020.

During the AGM, at least one shareholder had commented on the age of the board of directors. However, chairman and managing director Sanjiv Puri, who is 58, said age was not a factor to look at. “You should judge the effectiveness of a board and quality of governance, result and stakeholder management. And you will agree in all these respects, it has been exemplary,” Puri had said.

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