On Tuesday, Britannia Industries share price slumped following the announcement of Mr. Varun Berry’s resignation. The stock price witnessed a sharp decline in early trade on November 11, 2025, falling over 6.69% to ₹5,723 per share compared to the previous close of ₹6,132.15. The sudden leadership change triggered investor concerns, leading to heavy selling pressure in the FMCG major’s stock.
Britannia Industries Ltd announced a major leadership change as Mr. Varun Berry, Vice-Chairman, Managing Director, and Chief Executive Officer, submitted his resignation on November 10, 2025. The Board of Directors, based on the recommendation of the Nomination & Remuneration Committee, accepted his resignation and waived his notice period. Consequently, Mr. Berry was relieved from his position at the close of business hours on November 10, 2025.
Mr. Berry’s departure comes before the scheduled end of his term in 2029. He had initially proposed to serve his notice period and assist in the leadership transition, but the Board chose to release him immediately.
The Board also announced the appointment of Mr. Rakshit Hargave as Managing Director and Chief Executive Officer of Britannia Industries, effective December 15, 2025. Until his joining, Mr. N. Venkataraman, currently Executive Director and Chief Financial Officer, will hold additional charge as the interim CEO of the company.
Mr. Hargave previously served as Chief Executive Officer of Birla Opus, the paints venture of Grasim Industries under the Aditya Birla Group. He played a key role in both the start-up and scaling-up phases of the business, building a high-performing team, establishing six integrated manufacturing facilities, and expanding the distribution and supply chain network nationwide.
Before his tenure at Birla Opus, Mr. Hargave held leadership, operational, and marketing roles across several leading companies, including Beiersdorf (makers of NIVEA), Hindustan Unilever, Jubilant Foodworks, Nestlé India, and Tata Motors. He has managed businesses both within India and internationally.
Academically, Mr. Hargave holds an MBA from the Faculty of Management Studies (FMS), Delhi, and a degree in Electrical Engineering from the Indian Institute of Technology (IIT), Varanasi. The Board welcomed him to lead Britannia’s next phase of growth.
At its meeting held on November 5, 2025, Britannia’s Board of Directors outlined key growth levers to achieve its vision of becoming a “global total foods company.” The focus areas include:
The Board expressed confidence that the management team under new leadership will drive the company toward these strategic objectives in the coming years.
During his 13-year tenure at Britannia, Mr. Varun Berry transformed the company into a major force in India’s FMCG sector. Under his leadership, Britannia’s revenue grew 2.5 times, margins expanded by more than 900 basis points, and net profit increased sixfold. The company’s market capitalisation surged 18 times to ₹1.47 lakh crore as of November 10, 2025.
Since the last 13 years, in the tenure of Mr. Varun Berry the share price of Britania Industries has surged over 2,350%.
Mr. Berry joined Britannia in 2013 as Chief Operating Officer after a stint at PepsiCo. He became Managing Director in 2014 following Vinita Bali’s exit and was later redesignated as Executive Vice-Chairman, Managing Director, and CEO in September 2022. His tenure was extended in May 2023 for five years, from April 2024 to March 2029.
With immediate effect, Mr. N. Venkataraman, currently Executive Director and Chief Financial Officer, will serve as the interim Chief Executive Officer until Mr. Hargave officially assumes charge on December 15, 2025. This interim arrangement ensures continuity in business operations and leadership stability during the transition period.
Following the announcement of Mr. Berry’s resignation, Britannia Industries share price witnessed a sharp decline in early trade on November 11, 2025. The stock fell over 6.69% to ₹5,723 per share compared to the previous close of ₹6,132.15. Despite the volatility after resignation news, Britannia share price have gained 4% over the past month and 27% so far in 2025.
The company’s market capitalisation stood at ₹1.40 lakh crore as of November 11.
Mr. Berry’s resignation marks another major management shift within Britannia in 2025. Earlier in March, then-CEO Rajneet Singh Kohli had resigned to pursue external opportunities. Mr. Berry was subsequently redesignated as Vice-Chairman, Managing Director, and CEO in May 2025. The company had already indicated during its Q4FY25 earnings call that a structured succession plan was in progress.
Alongside his resignation from Britannia, Mr. Berry also stepped down from the Board of Bombay Dyeing as a Non-Executive and Non-Independent Director, effective November 10, 2025. His departure from both companies marks the end of a long association with entities under the Nusli Wadia-led business group.
The Board reaffirmed its confidence in Britannia’s strategic direction and leadership succession plan. It emphasised that the company remains committed to strengthening its innovation capabilities, expanding its international business, and enhancing operational efficiencies under new leadership.
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