Diversified congomerate ITC Ltd has reshuffled the portfolios of some top executives in its hotel business in a move being seen as part of a succession planning process.
The company has elevated Dipak Haksar, currently chief operating officer of its hotel business, as CEO of the unit, according to information available on its website.
Nakul Anand (59), executive director and CEO of the hotel business till recently, will continue as director in a supervisory role, according to The Economic Times, which first reported the development.
Haksar (58) will be replaced by Ranvir Bhandari (55), the division's vice president of operations. The duo will be responsible for expansion and management of both ITC and WelcomHotels brands and will report to Anand.
Haksar began his career at ITC Maurya, New Delhi, in 1978. During his long tenure in ITC, he has held numerous positions managing both leisure and business properties at the country's second-largest hotel chain.
An emailed query to a spokesperson for ITC Hotels seeking details did not elicit any response by the time of filing this article.
The conglomerate has also named Arun Pathak, currently vice president of finance at the hotel business, as the managing director of an upcoming project in Colombo, its first overseas hotel project.
The changes are part of efforts to pave the way for a successor to long-serving chairman YC Deveshwar, 68, one of the most high-profile CEOs of a non-promoter company in India. Deveshwar is scheduled to hang up his boots in 2017.
Over the past few months, Deveshwar has elevated several executives to senior roles. In November, the group elevated Sanjiv Puri, 53, as director of the FMCG business. Puri would take charge from PV Dhobale, who is a director on the board of ITC and has been overseeing the group's FMCG businesses. Puri will be succeeded by B Sumant, 52, who will take over responsibilities as president - FMCG from April 1, 2016.
