An Upended Market Is Ending the Era of Long-Serving Consumer, Retail CEOs in India
A wave of change is sweeping through India's consumer and retail sectors, marked by an unusual number of CEO departures. This shake-up signals a significant shift in the market dynamics, bringing an end to the era of long-serving CEOs who have steered these companies for years.
Several factors are contributing to this leadership shuffle. The modern economic landscape is rapidly changing, with geopolitical issues and rising tariffs creating unpredictability. Technological advancements, especially the rise of artificial intelligence, are disrupting traditional business models, requiring leaders to navigate not just the technology itself but also the cultural and organizational changes that come with it.
Another significant factor is the increased scrutiny and pressure on CEOs to deliver results within shorter timeframes. Boards are becoming more impatient, demanding quicker returns on investment, which can be a challenge in a volatile market. This pressure, coupled with the increasing demands of balancing multiple stakeholder priorities, is leading some CEOs to seek less demanding roles.
The recent resignation of Varun Berry from Britannia Industries after a distinguished 13-year tenure exemplifies this trend. Berry, who stepped down from his roles as Executive Vice-Chairman, Managing Director, and CEO, led Britannia through a period of rapid growth and diversification. Under his leadership, Britannia transformed from a biscuit manufacturer into a broader food company, venturing into dairy and snacking. Britannia's revenue surged 1.28 times to ₹17,943 crore in FY25, and the company's market capitalization rose sharply. His departure marks the end of a transformative era for the FMCG giant. Rakshit Hargave has been appointed as the new CEO and MD, effective December 15, 2025. Natarajan Venkataraman, Executive Director and Chief Financial Officer, will serve as interim CEO until Hargave assumes office.
Across the broader Indian market, data indicates a rising trend in CEO exits. In the March quarter of 2025 alone, 41 CEOs of National Stock Exchange-listed companies resigned, compared to just 23 in the same period last year. For the financial year 2024-25, 141 managing directors or CEOs across 2,590 NSE-listed companies exited. This is compared to 119 exits across 2,279 companies in 2023-24.
This leadership turnover isn't limited to India. The US saw a record number of CEO exits in January 2025, and globally, CEO turnover was at an all-time high last year. Factors such as investor activism, technological change, and troubled relationships with governments are contributing to this global trend.
The rise in CEO departures can have significant implications for companies and investors alike. It can lead to share price volatility, job insecurity, and shifts in business strategy. To mitigate these risks, companies need to focus on developing strong internal leadership pipelines to ensure organizational stability during times of change.
Despite the challenges, the current environment also presents opportunities. With India remaining a top investment destination, there is a high demand for Indian CEOs, leading to better offers and a narrowing pay gap with global counterparts. This is creating a market where leaders are willing to leave existing positions for more lucrative and exciting opportunities.
The consumer and retail landscape in India is undergoing a transformation, and the recent wave of CEO departures reflects the need for adaptable and innovative leadership. As companies navigate evolving market dynamics and technological disruptions, a new breed of leaders will be needed to steer them towards future success.
