Suresh Narayanan's farewell note: Nestlé India’s outgoing chief reflects on a decade of crisis, resilience and reinvention
As he writes his final letter to Nestle shareholders, Suresh Narayanan reflects on a decade marked by the Maggi crisis, an inspiring comeback and stories like that of a pantry worker’s daughter who now walks Nestlé’s halls as a young professional.
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As Suresh Narayanan steps down as Chairman and Managing Director of Nestlé India, he leaves behind more than just a corporate legacy, he leaves a story of crisis management, strategic transformation and human-centric leadership that has shaped one of the most enduring consumer goods companies over the past decade.
In a reflective and emotionally charged farewell letter to shareholders, Narayanan chronicled his tenure at the helm of the Swiss food giant’s Indian operations, a period marked by dramatic reversals, bold reinventions and steady growth in the face of both internal crises and external shocks.
From Crisis to Comeback
Narayanan’s tenure began in 2015 under stormy skies, as Nestlé India was reeling from the government-imposed ban on its flagship MAGGI instant noodles over alleged safety violations. “Confronting the MAGGI crisis was daunting,” Narayanan recalled, describing his first 100 days in office as among the most challenging of his career. But it was also a defining moment. The company relaunched MAGGI online, an unprecedented move at the time, selling 60,000 boxes in under five minutes on Snapdeal. Today, the brand commands its place as one of India's most beloved food staples.
“Aapki MAGGI,” he wrote, “is the most loved and enjoyable brand.”
The Numbers Behind the Narrative
Beyond emotion, Narayanan’s letter highlighted hard performance metrics. Under his leadership, Nestlé India delivered a compound annual growth rate (CAGR) of 10.3% in revenues and 13.5% in profits over the last decade. Market capitalization nearly quadrupled, and total shareholder return clocked in at a robust 17% CAGR.
The company's shareholder base grew more than sixfold, from 80,000 in 2015 to over 550,000 today, signaling increased retail participation and public trust.
Broadening the Portfolio
Nestlé India’s evolution under Narayanan saw the company shedding its “MAGGI-only” perception. Over 150 new products have been launched since 2015, accounting for 7% of current sales. Confectionery sales tripled, with KITKAT rising to become the second-largest chocolate brand globally by market share.
The company also entered new categories including breakfast cereals and pet care, and formed a strategic alliance with Dr. Reddy’s Laboratories to tap into India’s emerging health and nutrition space.
Its out-of-home business transformed from a niche vending operation to a robust portfolio presence in urban and semi-urban India. Meanwhile, investments in retail expansion and rural outreach, branded the “RUrban strategy”, have led to a presence in over 209,000 villages.
Building Factories—and Futures
Nestlé’s capital expenditure rose sharply during Narayanan’s tenure, from 1.8% of sales in 2015 to 10% by FY 2024–25. New facilities were built, including the Sanand factory in Gujarat and an upcoming plant in Odisha, with an emphasis on “Make in India” manufacturing.
The Sanand plant is particularly notable for having a 45% female workforce, many of whom manage complex digital operations end-to-end.
Narayanan often grounded his leadership philosophy in personal anecdotes and Indian idioms. “Take care of the people and things will take care of themselves,” he quoted his grandmother saying. Under his leadership, Nestlé India emphasized inclusivity, boasting one of the highest percentages of women in FMCG field sales, and awarding long-service recognitions to over 6,000 employees.
The Role of Purpose
At a time when corporations are increasingly being asked to act beyond shareholder value, Narayanan positioned Nestlé India as a “business as a force for good.” He highlighted the company's work with over 80,000 dairy farmers, 5,000 coffee growers, and thousands of rural development initiatives that impacted over 16 million beneficiaries.
“Purpose is the raison d’être for existence in business,” he wrote, quoting both Rabindranath Tagore and Sant Kabir to drive home the link between profit and responsibility.
A Quiet Farewell
In typical Narayanan fashion, the letter ended not with corporate speak but with gratitude, toward partners, colleagues, shareholders and even his longtime assistant and office pantry staff. “The only legacy a leader leaves behind is culture,” he wrote. “Great organisations make ordinary people do extraordinary things.”
Narayanan now hands over the reins to Manish Tiwary, a former Amazon India executive, with the confidence that the company is future-ready, more inclusive and more focused than ever.
As companies navigate a complex landscape of inflationary pressures, global volatility and changing consumer habits, Nestlé India’s journey under Narayanan offers a roadmap, anchored in resilience, empathy and a long-term view.
And in the end, Narayanan noted, the story of Nestlé India’s past decade might be best told not in numbers, but in the words of a father working in the company pantry whose daughter now holds an associate position at the same firm.
"At 22, Sunil Kumar Singh left his home in Chapra, Bihar, with a dream of a father: to gift his daughter the education he perhaps never had. He joined Nestlé India to oversee the kitchen pantry. He serves the best NESCAFÉ to the employees. Today, his daughter Jyoti, armed with an economics degree, holds the position of an associate within the very Company where her father works."
From crisis to transformation, Narayanan’s legacy is a reminder: leadership, when grounded in purpose and people, can change not only companies, but communities.
