Britannia Industries Ltd. announced a significant leadership transition, with Varun Berry stepping down as Vice-Chairman, Managing Director, and Chief Executive Officer, effective immediately from the close of business on November 10, 2025. Following his resignation, Berry will also cease to be a part of several key board committees, including Stakeholders Relationship, CSR, Risk Management, Finance, Strategy and Innovation Steering, and IT Committees.

Rakshit Hargave has been appointed as the new Managing Director and CEO of Britannia, with his tenure commencing on December 15, 2025, for the next five years. This appointment was initially announced on November 5, 2025. In the interim, Natarajan Venkataraman, who also serves as Executive Director and Chief Financial Officer, will act as interim CEO until Hargave assumes his new responsibilities.

Berry's departure marks the end of a nearly 13-year tenure at the packaged foods major. He submitted his resignation in a letter dated November 6, 2025, to Chairman Nusli Wadia, proposing to serve his notice period. However, the Board of Directors, acting on the recommendation of the Nomination and Remuneration Committee, accepted his resignation and waived the notice period, making his relief from duties effective immediately. During a post-earnings analyst call on November 7, Berry expressed confidence in Hargave, stating he was the "perfect choice" for the role and that he would assist in the transition.

Berry joined Britannia as Vice President and Chief Operating Officer on February 1, 2013, bringing over 27 years of experience from companies like Hindustan Unilever and PepsiCo. He quickly rose through the ranks, becoming Executive Director in November 2013 and then Managing Director in April 2014, succeeding Vinita Bali. He was reappointed MD for another five-year term starting April 1, 2019, and was elevated to Executive Vice-Chairman and MD in September 2022. Under his leadership, Britannia’s standalone revenue from operations grew significantly from ₹5,564.38 crore in FY13 to ₹17,295.92 crore in FY25. Berry was instrumental in establishing the company's position as a "total foods" business, expanding beyond biscuits and cookies into categories like croissants, wafers, and dairy drinks. He also drove market share gains, increased the rural dealer network from 19,000 to 31,000 between March 2020 and March 2025, and oversaw a joint venture with French cheese maker Bel SA in 2022.

Rakshit Hargave joins Britannia from Birla Opus, the paints venture of Grasim Industries (Aditya Birla Group), where he served as CEO. His extensive career includes leadership, operational, and marketing roles at Beiersdorf (Nivea), Hindustan Unilever, Jubilant FoodWorks, Nestlé India, and Tata Motors, both in India and internationally. He is an alumnus of the Faculty of Management Studies (FMS), Delhi, and holds a degree in electrical engineering from IIT Varanasi.

Analyst reactions to Berry's resignation described it as "abrupt" and "sudden." While acknowledging the potential for a temporary disruption in leadership and operational continuity, most analysts remain confident that Hargave’s extensive experience and strong track record will provide stability and strategic direction for Britannia in the coming years.