Britannia CEO Rajneet Kohli Resigns, Company Shares Decline

Britannia Industries, a leading biscuit maker in India, on Thursday said its Chief Executive Officer, Rajneet Singh Kohli, has resigned after holding the post for two-and-a-half years. Kohli will be leaving the company on March 14, as requested by him. Britannia has not yet announced who would replace him.

Although Kohli did not mention the specific cause for his resignation, he indicated in his letter of resignation that he intends to "pursue an external opportunity." The 50-year-old executive comes with a deep leadership experience, having worked in important positions before at Jubilant FoodWorks (Domino's India), Asian Paints, and Coca-Cola Co.

Mr. Rajneet Singh Kohli has made the decision to leave the services of the company to follow an external opportunity. We appreciate him for the experience in his period as the CEO and member of the Britannia board, and wish him luck in his next endeavors," indicated Varun Berry, Executive Vice-Chairman and Managing Director of Britannia Industries.

Since September 2022 when he joined the company, Kohli has been instrumental in Britannia's growth, with the company's stock rising by almost 25% during his time. His stint was characterized by major initiatives, such as product diversification, foraying into the healthy foods space, and increasing manufacturing capacities in Odisha and Bihar.

After his announcement of leaving, the shares of Britannia surrendered their intraday gains to fall 0.6% at 3:20 p.m. IST. The firm has used strategic price increases recently to off-load higher input costs, allowing it to beat expectations for third-quarter profit.