(Reuters) -Indian biscuit maker Britannia Industries said on Thursday that its Chief Executive Officer Rajneet Singh Kohli has resigned after serving two-and-a-half years in the role.
Britannia did not name Kohli’s successor, but said he will be relieved from the role on March 14, as per his request.
Kohli, who joined as Britannia’s CEO in September 2022, did not disclose the exact reason for stepping down, but said in his resignation letter that he will “pursue an external opportunity”.
Before joining Britannia, the 50-year-old had held leadership roles at major firms like Domino’s India, run by Jubilant Foodworks, Asian Paints and U.S. beverage giant Coca-Cola Co.
Under Kohli’s leadership, the biscuit maker’s shares rose nearly 25% as it focused on product diversification, entering the healthy food segment, and expanding manufacturing plants in the eastern Indian states of Odisha and Bihar.
Britannia’s shares erased early-session gains after the news. They were last trading 0.6% lower as of 3:20 p.m. IST.
The company has in the recent months benefited from price hikes to counter rising input costs, helping it beat its latest third-quarter profit estimates.
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema)
