Yogesh Chander Deveshwar has been reappointed as ITC chairman for another five years, a move that will make him the longest serving chairman of the company.
The ITC board has cleared his extension as a chairman with effect from February 5, 2012, for a period of five years.
Within this tenure, however, he may become a non-executive chairman to pave the way for succession planning, in which case the board will take a fresh look at his remuneration.
A resolution to this effect will be placed before shareholders for approval at the company's forthcoming annual general meeting.
An ITC spokesperson confirmed the annual general meeting notice, but refused to divulge further.
Even though ITC does not have a retirement age, Deveshwar's extension has been the subject of discussion since his five-year term was close to ending.
In a television interview, Deveshwar had responded to a question on his succession that the board would decide on this.
During
his tenure, the company made several diversification moves that transformed a tobacco company to a fast moving consumer goods company.