Britannia Industries, one of India’s largest food manufacturers, has announced the resignation of CEO Rajneet Kohli.
According to a stock-exchange filing, Kohli submitted his resignation on 5 March, stating he decided to “pursue an external opportunity”.
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Kohli joined Britannia as CEO in 2022. Before arriving at Britannia, Kohli held roles at companies such as Domino’s India, operated by Jubilant Foodworks, beverage giant Coca-Cola Co. and Asian Paints.
Britannia confirmed Kohli will step down on 14 March.
In a resignation letter to vice chairman and MD Varun Berry that was published on the Bombay Stock Exchange, Kohli told Britannia he had decided to “pursue an external opportunity”.
He added: “It has been a privilege to work alongside you and as part of [the] Britannia leadership for over two and a half years. I am grateful for the opportunity and humbled to lead the largest and most-loved iconic Britannia brand, work with a talented team and contribute to the company’s success. We have made real progress and I am proud of what we have achieved together.”
Headquartered in Kolkata in West Bengal, Britannia is primarily engaged in the manufacturing and sale of biscuits, bread, rusk, cakes and dairy products.
Last month, the company, which sells Jim Jam and NutriChoice biscuits, reported its third-quarter and nine-month financial results.
In the quarter ending 31 December, Britannia generated sales of Rs44.63bn ($512.3m), up 6.5% growth. Net profit reached Rs5.82bn, a 4.8% increase year-on-year.
For the nine-month period, Britannia’s consolidated sales amounted to Rs131.59bn, reflecting growth of 5%. Net profit stood at Rs16.19bn, an increase of 1.3% year-on-year.
At the time, Berry said: “Despite the ongoing subdued demand across FMCG categories and increased competitive pressures, we achieved a strong performance, with both value and volume growing about 6% each on a year-on-year basis.
“The inflation on key input materials of wheat, palm oil, cocoa etc. remains on an upward trajectory, which we mitigated through judicious price increases, focused brand investments and fixed cost leverage, helping us sustain operating margins while maintaining competitiveness.”
In October, Britannia Bel Foods, a joint venture between Britannia and France’s Bel Group, launched a cheese production facility in Maharashtra.
Situated within Britannia’s dairy food park in Ranjangaon, the plant is dedicated solely to producing The Laughing Cow cheese range.
While The Laughing Cow is a global brand owned by Bel, the joint venture is marketing a locally tailored range under the name Britannia The Laughing Cow.
