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Bangalore: Biscuit maker Britannia Industries Ltd said its long-time managing director Vinita Bali has resigned and will be replaced by executive director Varun Berry. The move was widely expected and reported in the media over the past few months.

Bali will also resign from the company’s board, Britannia said in a statement.

Berry joined Britannia from PepsiCo Inc. in January 2013 as chief operating officer and has since been given several promotions by Britannia chairman Nusli Wadia. He has been the company’s de facto head since May last year when he was made leader of Britannia’s India operations, which generate over 90% of its sales. He was then made executive director last November.

Bali has been at the helm of Britannia since January 2005 and has been given credit for bringing strong revenue growth and stability at the company which had lost most of its leaders in the aftermath of an alleged ethics scandal involving the previous managing director and chief executive Sunil Alagh.

Bali will continue to serve on the boards of the other Wadia Group companies like Bombay Dyeing Mfg. Co. Ltd and GoAir.

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