Mumbai, May 11: YC Deveshwar, the longest serving chairman of Indian Tobacco Company Ltd (ITC), an FMCG giant, died on Saturday. He was 72-years-old and was reeling under cancer over the past couple of years. The cause of his death, however, was yet to be confirmed. His demise has come as a major shock for the India Inc.

Deveshwar, popularly referred to as YCD, is India's longest serving corporate chairman, leading ITC for over two-decades. He was involved in every decision making process till 2017, when he chose to become a non-executive chairman, while elevating Sanjiv Puri as the managing director (MD) an chief executive officer (CEO). ITC Moves NCLT Against Hotel Leelaventure

The ITC was reluctant to let Deveshwar go despite his growing age. In June 2018, the company's board overwhelmingly decided to extend Deveshwar's tenure as non-executive chairman till 2022.

Deveshwar's era in the ITC could be dated back to 1968, when he joined the company as an executive. He rose to the rank of executive chairman in 1996, and spearheaded the mission to turn the company into a leader in the FMCG sector. He also played a crucial role in preventing the ITC's takeover by BAT, the largest shareholder.

For his contribution in Indian public life and specifically in the corporate sector, the Government of India had in 2011 awarded him with the Padma Bhushan, the country's third-highest civilian honour.

(The above story first appeared on LatestLY on May 11, 2019 11:07 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).