In a major corporate development, Britannia Industries Ltd. has announced the immediate resignation of Varun Berry from his role as Managing Director and Chief Executive Officer, ending a decade-long tenure that saw the company expand aggressively into dairy, snacking, and global markets. The board accepted Berry’s resignation on November 10, 2025, waiving the standard notice period, and appointed Additional Director Rakshit Hargave as his successor, effective December 15. In the interim, Executive Director and CFO Natarajan Venkataraman will assume dual responsibilities.
Berry’s departure comes less than a week after Britannia released its Q2 FY26 results, sparking speculation about internal transitions and strategic realignments. While the company has not cited specific reasons for the leadership change, insiders suggest Berry’s exit was planned in alignment with succession goals and upcoming portfolio shifts.
🧠 Key Highlights of Britannia’s Leadership Transition
| Attribute | Details |
|---|---|
| Outgoing Leader | Varun Berry (MD & CEO) |
| Tenure | 2013–2025 |
| Successor | Rakshit Hargave (CEO from Dec 15, 2025) |
| Interim CEO | Natarajan Venkataraman (CFO & Executive Director) |
| Announcement Date | November 10, 2025 |
| Reason for Exit | Not officially disclosed |
| Board Action | Notice period waived, transition approved |
Berry’s resignation was tendered on November 6, a day after the company’s quarterly earnings release.
📊 Britannia’s Performance Under Varun Berry
| Year | Revenue (₹ crore) | Net Profit (₹ crore) | Market Share (%) | Key Milestones |
|---|---|---|---|---|
| FY14 | 6,500 | 450 | 28 | Entry into dairy segment |
| FY18 | 9,200 | 900 | 32 | Launch of international operations |
| FY22 | 13,500 | 1,500 | 35 | Expansion into rural markets |
| FY25 | 17,800 | 1,950 | 38 | Strategic partnerships and automation |
Berry is credited with transforming Britannia into a diversified FMCG powerhouse.
🗣️ Reactions from Industry and Analysts
| Stakeholder | Commentary Summary |
|---|---|
| FMCG Analysts | “Berry’s exit marks the end of an aggressive growth phase.” |
| Britannia Board | “We thank Varun for his visionary leadership.” |
| Investors | “The transition appears smooth and well-planned.” |
| Employees | “Berry was a hands-on leader with deep market insight.” |
The leadership change is seen as part of Britannia’s long-term succession planning.
📈 Rakshit Hargave’s Profile and Strategic Outlook
| Attribute | Details |
|---|---|
| Previous Role | CEO, Birla Opus |
| Industry Experience | 25+ years in FMCG and consumer health |
| Education | MBA, INSEAD; B.Tech, IIT Bombay |
| Strategic Focus Areas | Digital transformation, portfolio innovation, ESG integration |
| Expected Priorities | Strengthen dairy and health segments, expand global footprint |
Hargave’s appointment signals a shift toward tech-driven and health-conscious product strategies.
📊 Britannia’s Segment-Wise Revenue Breakdown – FY25
| Segment | Revenue (₹ crore) | Share of Total (%) |
|---|---|---|
| Biscuits | 9,800 | 55.1 |
| Dairy | 3,200 | 18.0 |
| Bread & Cakes | 2,100 | 11.8 |
| International | 1,800 | 10.1 |
| Others | 900 | 5.0 |
The company aims to increase non-biscuit revenue to 50% by FY28.
📌 Strategic Implications of Leadership Change
| Area | Impact |
|---|---|
| Investor Sentiment | Stable due to clear succession and interim leadership |
| Operational Continuity | Maintained via CFO’s dual role |
| Brand Strategy | Likely to evolve under Hargave’s consumer health focus |
| Market Positioning | Opportunity to deepen rural and global penetration |
Britannia’s board has emphasized continuity and innovation as core transition themes.
📌 Conclusion
Varun Berry’s exit as MD & CEO of Britannia Industries marks the end of a transformative era for one of India’s leading FMCG companies. His leadership steered Britannia through rapid growth, diversification, and global expansion. With Rakshit Hargave set to take over in December, the company is poised for a new chapter focused on digital innovation, health-forward products, and ESG-driven growth. The smooth transition and interim leadership by CFO Natarajan Venkataraman reflect Britannia’s commitment to stability and strategic evolution.
Disclaimer: This article is based on publicly available corporate filings, verified news reports, and expert commentary. It is intended for informational and editorial purposes only and does not constitute financial or investment advice.
