Britannia Industries announced the sudden departure of CEO Varun Berry, ending his nearly 13-year tenure at the packaged foods giant. Rakshit Hargave has been appointed as the new Managing Director and CEO, effective 15 December 2025.
Key Takeaways
- Varun Berry’s resignation was accepted immediately, waiving his notice period
- N. Venkataraman will serve as interim CEO until Hargave takes over
- Berry described Hargave as the “perfect choice” for the role
- Analysts expect short-term stock impact due to abrupt leadership change
In a resignation letter dated 6 November, Berry wrote to chairman Nusli Wadia: “Thank you very much for your support for the past 13 years. I would like to tender my resignation from the position of CEO and Managing Director of Britannia Industries Ltd. Will serve my notice period as per the contract. Please treat Nov 6, 2025 as the date of my resignation. I will be available beyond my departure from the company to guide Rakshit in whichever way you may want. I hope Britannia goes from strength to strength in the coming years.”
However, the board accepted his resignation and waived the notice period, relieving him effective 10 November 2025.
New Leadership Profile
Rakshit Hargave joins Britannia from Birla Opus, where he served as CEO. His extensive experience includes leadership roles at:
- Hindustan Unilever
- Jubilant FoodWorks
- Nestlé India
- Tata Motors
- Beiersdorf (Nivea)
He holds degrees from IIT Varanasi and Faculty of Management Studies, Delhi.
Berry’s Transformative Tenure
Berry joined Britannia in February 2013 and oversaw remarkable growth. Under his leadership:
- Revenue grew from ₹5,564 crore (FY13) to ₹17,296 crore (FY25)
- Expanded beyond biscuits into croissants, wafers, and dairy drinks
- Increased rural dealers from 19,000 to 31,000
- Formed joint venture with French cheese maker Bel SA
Analysts described the resignation as “abrupt” and expect market reaction.
Abneesh Roy of Nuvama Institutional Equities noted: “Stock will see some knee-jerk negative reaction given the abrupt end to a fantastic 13-year tenure of Varun Berry. Departure clearly seems abrupt and sudden, something we have earlier also seen in Britannia.”
Another analyst told Mint: “Over time, Berry brought back both growth and margins to the company. However, we do see this exit as abrupt as the Street was expecting Berry to help with the transition.”
Britannia competes with Parle Products and ITC Ltd, collectively holding nearly 70% of India’s biscuit market.
