Britannia Industries re-appoints Varun Berry as MD for five years1 min read . Updated: 16 May 2018, 09:43 PM IST
Varun Berry's re-appointment as MD of Britannia Industries for five years is subject to approval by its shareholders
Bengaluru: Biscuits maker Britannia Industries Ltd Wednesday said its board has re-appointed Varun Berry as managing director for five years, subject to approval by its shareholders.
Berry, who joined from PepsiCo Inc. in January 2013, took over as managing director at Britannia about four years ago. During his tenure, the company has rapidly expanded sales and profits and gained market share in biscuits even as it continues to make big pushes into other segments, including dairy and snacking.
After joining as chief operating officer in 2013, Berry was given several promotions by the company’s chairman Nusli Wadia, including being named executive director in November of the same year. He took over as managing director from Vinita Bali in April 2014.
His re-appointment for another five years starting 1 April 2019 is subject to the approval of members at Britannia’s annual general meeting, the company said in a BSE filing on Wednesday.
In another filing, Britannia also said the board had approved a grant of 1,50,000 stock options to Berry. Each option will entitle him, once he exercises it, to receive one equity share of the company at a face value of Rs2.
The grant of options is subject to an amendment of Britannia’s employee stock option scheme (ESOS), with respect to increasing the maximum number of equity shares that will be issued under it, the company said. This is also subject to approval at its AGM.
On Tuesday, the company reported a 24.77% jump in its net profit for the fourth quarter of 2017-18 to Rs263.16 crore, propped up by double-digit volume growth. Revenue grew 9.88% to Rs2,581.93 crore from a year ago.
“In the coming year, priority will be on bridging portfolio gaps in our bakery business and other adjacent macro snacking business opportunities to ensure we stay ahead of market and achieve profitable growth to take our company to the next level," Berry said in the company’s results statement on Tuesday.