Britannia shares tumble over 5% as CEO Varun Berry steps down; Rakshit Hargave to take charge next month

Shares of Britannia Industries Ltd slipped over 5 per cent on Tuesday, November 11, following a major top-level shake-up announced after market hours on Monday. The company’s Managing Director and CEO, Varun Berry, has stepped down before completing his term, which was set to end in 2029, marking the end of a transformative decade-long tenure at the FMCG major.

Rakshit Hargave to take charge as new CEO from December 15

The board has named Rakshit Hargave as the new CEO and Managing Director, effective December 15, 2025. Hargave recently resigned from Grasim’s Birla Opus over the weekend and will now steer Britannia’s next phase of growth.

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Until Hargave formally assumes office, N. Venkataraman, currently Chief Financial Officer (CFO), will serve as interim CEO.

Varun Berry’s tenure transformed Britannia’s financial profile

Berry, who took charge in 2013, leaves behind a legacy of remarkable growth. Under his leadership, Britannia’s revenue rose 2.5 times, margins expanded by more than 900 basis points, and net profit surged six-fold. The company’s market capitalisation soared nearly 18 times to around Rs 1.47 lakh crore as of Monday’s close.

His sudden exit, however, has caught investors by surprise, given his ongoing term and the absence of a transition period.

Brokerages flag near-term uncertainty

Brokerage Motilal Oswal noted that Berry’s departure could exert short-term pressure on Britannia’s stock, given his “long and successful” tenure and the abrupt nature of the change.

“With this leadership transition, investor focus will shift to the new CEO’s strategic roadmap. Growth recovery will be a key monitorable in the near term,” Motilal Oswal wrote in a post-results note.

Britannia Stock snapshot

On Monday, Britannia shares closed 0.4 per cent lower at Rs 6,135, remaining largely flat before the leadership announcement. However, the stock tumbled over 5 per cent in early trade on Tuesday.

Despite the short-term correction, Britannia shares have gained around 4 per cent in the past month and are up nearly 27 per cent so far in 2025, outperforming most FMCG peers.