After Coca-Cola, now ITC fires 40 senior, mid-level executives

Kolkata-based cigarette and FMCG major ITC has reportedly fired 40 senior and mid-level managers. As reported by Economic Times, the employees from several departments have been fired citing that they lack satisfactory performance.

An ITC spokesperson confirmed the news to a leading media house but didn’t divulge further details.

The official further said, "ITC engages in a Talent Review on an ongoing basis. This review highlights specific areas in which people capability needs to be enhanced and management developments efforts are directed towards this objective. The review also highlights areas where talent needs to be acquired from the market in order to crash learning time (especially with entry into new categories lines of business) and to enhance organizational capability in order to enhance competitiveness."

"The review also calls for disengagement and outplacement of people who are not capable of meeting the increased demands on their roles as a result of changes in the competitive context. In such cases (which occur more by exception) separation is done in a manner that protects the dignity of the individual and efforts are made to ensure that he/she is able to find suitable alternative options. These steps that follow the ongoing talent review ensure that the quality index of management is secured and enhanced," he further added.

The move came just after the leading beverage maker Coca-Cola took a drastic cost-cutting measure and laid-off 4-5% workforce in India.

The FMCG major has been under pressure with regards to volumes of its cigarette sales. During March quarter, its total income did not meet analysts' estimates and witnessed a decline in cigarette volumes.
Image: indiatimes