ITC Ltd. has appointed company veteran, Supratim Dutta, as its new chief financial officer (CFO). Supratim replaced Rajiv Tandon who was the former CFO and also an executive director on the company’s board, who will continue as a director henceforth.
Following Dutta’s appointment from September 5, Rajiv will hand over the role of CFO, a position he held for close to a decade. He will, however, continue to remain on the board of ITC as a whole-time director and Dutta will report to him.
On Friday, shareholders approved Tandon’s reappointment on the board of directors for one year with effect from July 22, 202, in the annual general meeting of the company.
Dutta had joined ITC on November 1, 1990, soon after qualifying as a chartered accountant and cost accountant. “He has wide-ranging experience in the company for nearly 30 years, covering various aspects of finance, including planning, treasury, M&A, accounting, taxation, IT, investor relations and business strategy,” ITC said, in a filing to the stock exchanges.
Dutta also headed the Bengal Chamber of Commerce & Industry as the chairperson of its finance and banking committee.
The appointment is in line with the conglomerate’s strategy of appointing relatively younger blood in key senior management positions. The average age of the top management continues to reduce, a trend started earlier by the appointment of Sanjiv Puri as the chairman.
Responding to a shareholder observation at the AGM about the high age of ITC’s board, Sanjiv had stated that age was not a factor to look at. One should judge the effectiveness of a board and quality of governance, result, and stakeholder management. Something which the conglomerate is trying to make exemplary as the average age of top management continues to reduce at its board.