Sudden Leadership Change at Britannia Industries
In a surprising development that has sent ripples through India's FMCG sector, Britannia Industries Ltd announced the abrupt departure of Varun Berry as executive vice-chairman, managing director and chief executive officer. The packaged foods giant revealed this significant leadership change on Monday, marking the end of Berry's nearly 13-year tenure at the helm of one of India's most recognized food companies.
New Leadership Takes Charge
The company board has named Rakshit Hargave as the new managing director and CEO, effective December 15, 2025, for a five-year term. In the interim period, N. Venkataraman, the company's executive director and chief financial officer, will serve as interim CEO until Hargave assumes his new responsibilities.
The transition follows Berry's resignation letter dated November 6, 2025, addressed to chairman Nusli Wadia. In his communication, Berry expressed gratitude for the support received during his 13-year journey and offered to serve his notice period as per his employment contract. He also committed to being available beyond his departure to guide his successor.
However, in a swift move, the board of directors accepted his resignation and waived off the notice period, relieving him of his duties effective close of business hours on November 10, 2025.
The Varun Berry Legacy
Berry's tenure at Britannia Industries has been marked by significant growth and transformation. He joined the company as vice president and chief operating officer on February 1, 2013, bringing with him over 27 years of experience from stints at Hindustan Unilever and PepsiCo.
Under his leadership, Britannia underwent remarkable expansion. When Berry took over as chief operating officer in FY13, the company's sales stood at ₹5,564.38 crore. By FY25, this had grown substantially to ₹17,295.92 crore in standalone revenue from operations.
Berry was instrumental in transforming Britannia from a biscuit-focused company into a "total foods" business. His strategic vision saw the company diversify into new categories including croissants, wafers, and dairy drinks. The 2022 joint venture with French cheese maker Bel SA to market The Laughing Cow brand in India further strengthened their dairy portfolio.
His focus on expanding rural reach showed impressive results, with the number of rural-preferred dealers increasing from 19,000 in March 2020 to 31,000 by March 2025, according to the company's FY25 annual report.
Market Reaction and Analyst Views
Industry analysts described Berry's exit as "abrupt" and "sudden", noting that the stock might see a knee-jerk negative reaction given his successful 13-year tenure. Abneesh Roy of Nuvama Institutional Equities pointed out that this isn't the first sudden leadership change at Britannia, recalling similar circumstances when Berry's predecessor Vinita Bali was shifted to a smaller role.
Another analyst, speaking anonymously to Mint, highlighted Berry's crucial role in reviving both growth and margins at the company. "He pushed the company's products in the Hindi heartland with lower price packs—a market where the company was under-indexed. Historically, Parle has always led the biscuit category; Varun brought volume and growth for Britannia," the analyst noted.
Berry had previously expressed confidence in his successor during the company's earnings call last week, describing Hargave as the "perfect choice" for the role and committing to ensure a smooth transition.
About the New CEO
Rakshit Hargave brings substantial experience to his new role at Britannia. He joins from Birla Opus, the paints venture of Grasim Industries (Aditya Birla Group), where he served as CEO. His diverse career includes leadership, operational, and marketing roles at prominent organizations including Beiersdorf (makers of Nivea), Hindustan Unilever, Jubilant FoodWorks, Nestlé India, and Tata Motors, both in Indian and international markets.
Hargave is an alumnus of the Faculty of Management Studies (FMS), Delhi, and holds a degree in electrical engineering from IIT Varanasi.
The leadership change comes as Britannia continues to compete fiercely in the Indian biscuit market, where it battles with Parle Products and ITC Ltd for dominance. Together, these three companies control nearly 70% of the country's biscuit category, according to analyst estimates.
The company's board, in its November 5, 2025 meeting, outlined key growth strategies to evolve Britannia into a global total foods player, focusing on innovation, diversification, cost efficiencies, and market share gains.
