Varun Berry resigns as Britannia CEO, sudden exit shocks Indian FMCG market

Varun Berry, the long‑time leader credited with transforming Britannia Industries from a biscuit maker into a diversified packaged‑foods company, resigned from his roles as Vice‑Chairman, Managing Director and CEO effective November 10, 2025, the company said in a regulatory filing. The abrupt move – with the board waiving his notice period – sent Britannia shares sharply lower on Tuesday, underscoring investor concern over leadership disruption at one of India’s largest FMCG firms.

Key facts

• Who: Varun Berry – Vice‑Chairman, Managing Director & CEO, Britannia Industries.
• What: Resigned with immediate effect; notice period waived by the board.
• When: Resignation effective close of business on November 10, 2025.
• Successor: Rakshit Hargave named MD & CEO effective December 15, 2025 (five‑year term, subject to shareholder approval).
• Interim: N. Venkataraman (CFO / Executive Director) named acting CEO until Hargave assumes charge.

What happened – timeline and market reaction

Britannia filed a board resolution announcing the resignation of Varun Berry on November 10, 2025. The board simultaneously appointed Rakshit Hargave as the incoming Managing Director and Chief Executive Officer, to take office on December 15, 2025, subject to regulatory and shareholder clearances. In the interim, the company named its CFO and Executive Director N. Venkataraman as the acting CEO.

The stock market reacted quickly: Britannia shares slumped in early trade, falling as much as 6–7% on heavy volumes amid investor uncertainty about the sudden leadership change. Analysts flagged the lack of a notice period and brevity of the succession window as reasons for the sharp sell‑off.

Why the exit matters

Under Varun Berry’s leadership, a decade‑plus tenure that began with senior roles in operations and later as managing director – Britannia expanded beyond biscuits into dairy, snacks and bread, delivering substantial revenue and market‑cap gains. Berry’s stewardship is widely credited with turning Britannia into a broader packaged‑foods competitor to big FMCG names.

An unexpected CEO departure at a major consumer‑facing company raises near‑term risks: strategy drift during transition, execution delays for new product launches, and potential margin pressure if management attention shifts to integration of new leadership.

Who is Rakshit Hargave, incoming CEO

Rakshit Hargave joins Britannia from the Birla Opus group, where he was most recently in an executive leadership role. His appointment for a five‑year term signals the board’s intent to ensure continuity and bring in external experience to drive the next phase of growth. Hargave will officially take charge on December 15, 2025, subject to approvals.

Market and analyst perspective

Market analysts reacted cautiously, noting the strength of Britannia’s core business but warning that leadership changes can temporarily disrupt strategy and investor confidence. Brokerages suggested monitoring the company’s Q3 results and management commentary for signs of continuity on margins, distribution expansion, and new product pipelines.

What investors and stakeholders should watch next

1. Interim management commentary: Will the interim CEO, N. Venkataraman, signal continuity or a re‑set of priorities?
2. Board filings and disclosures: Any further detail on the resignation terms or underlying reasons will be market‑moving.
3. Rakshit Hargave’s strategy: On taking charge, the new CEO’s first investor communication and strategic priorities will be critical.
4. Quarterly outlook: Britannia’s near‑term sales and margin guidance — any changes could affect valuations.

Berry’s legacy at Britannia

Varun Berry joined Britannia in 2013 and became managing director in 2014. During his leadership, the company diversified its portfolio, grew its revenues substantially and saw a material increase in market valuation. Industry observers credit Berry with sharpening Britannia’s retail execution, expanding its dairy and snack offerings, and steering the company through inflationary pressures and evolving consumer tastes.

Is this the start of a strategic reset?

The arrival of an external CEO typically brings an opportunity for renewed strategic focus — whether through accelerated new‑product development, deeper investments in branded dairy & snacks, or greater emphasis on modern trade and e‑commerce. For Britannia, the crucial test will be whether the company can maintain momentum during the handover and whether Hargave’s playbook aligns with the firm’s long‑term ambitions.

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