The Great FMCG Reset: What the CXO churn is really signalling

2025 has emerged as a watershed year for India’s consumer sector, marked by an unusual level of CXO churn across FMCG and allied categories. From leadership transitions within legacy companies to high-profile executives switching sectors altogether, the year reflected deeper shifts underway—fatigue within mature industries, evolving opportunity equations, and a growing appetite among seasoned leaders to apply their playbooks beyond FMCG.

Here’s a closer look at the leadership movements that defined the year, and why more FMCG veterans are stepping outside the sector.

A year of leadership reset in FMCG

Several marquee FMCG and consumer-facing companies announced top-level changes in 2025, signalling a broader leadership reset.

At Hindustan Unilever Limited (HUL), Priya Nair—formerly President, Beauty & Wellbeing at Unilever—was elevated to CEO and Managing Director for a five-year term, succeeding Rohit Jawa. The appointment marked a significant moment for the company, reinforcing internal leadership succession at a time of portfolio and consumption shifts.

Britannia Industries also saw a major transition. Rakshit Hargave was appointed CEO and additional Whole-time Director for five years, after leading Birla Opus, the Aditya Birla Group’s paints venture. In the same month, Britannia’s Vice-Chairman, Managing Director and CEO Varun Berry stepped down after more than a decade at the helm.

The leadership movement continued across the sector. HUL named Rajneet Kohli as Executive Director, Foods, succeeding Shiva Krishnamurthy, who exited to pursue an external opportunity. Kohli had earlier served as CEO and Executive Director at Britannia.

Wipro Consumer Care & Lighting announced the retirement of CEO and Wipro Enterprises MD Vineet Agrawal, effective January 2026, with Kumar Chander set to take over from February 1, 2026.

Meanwhile, Nestlé India Chairman and Managing Director Suresh Narayanan stepped down on July 31 after a decade-long tenure marked by crisis management and recovery. He was succeeded by Manish Tiwary, former Amazon India country manager. The Coca-Cola Company also appointed industry veteran Hemant Rupani as CEO of Hindustan Coca-Cola Beverages Pvt. Ltd.

Why senior leaders are looking beyond FMCG

Over time, this CXO churn has been accompanied by a parallel trend: senior FMCG leaders moving into other sectors.

According to Ashish Sanganeria, senior partner, Transearch, such decisions are rarely about losing faith in FMCG.

However, he noted that long tenures can lead to fatigue.

He said, “When someone has spent a very long time in one industry, they become deeply entrenched in how things are done. Over time, they also understand the limitations—how much growth is possible and what cannot be achieved.”

That familiarity, he explained, can lead to boredom and a desire to explore industries that offer new learning curves. The phenomenon is not unique to FMCG.

“We’ve seen senior tech talent decline roles in the education sector because they already had strong views on the sector’s limitations. This happens across industries.”

Opportunity also plays a defining role. “The value proposition of what you are doing versus what the new role offers often drives the decision to switch sectors,” he added.

Is switching sectors risky?

Sanganeria believes the disadvantages are limited, though the learning curve is real.

He said, “Every new sector comes with unfamiliar challenges. Moving within FMCG lowers the risk because you know competitors and market dynamics. In a new sector, you are taking a calculated bet.”

That said, he argued that strong leadership skills travel well. He added, “For seasoned leaders, success or failure is not defined by the sector alone. External environments matter, but leadership capabilities are transferable.”

He also highlighted the upside for companies hiring from outside. “When someone comes from another sector, they bring a fresh lens. They question assumptions and often arrive at very different solutions compared to someone who has grown within the same industry.”

FMCG leaders who switched sectors

Storyboard18 lists some notable past examples of business leaders who transitioned from FMCG into other sectors.

Laxman Narasimhan

Former CEO of Reckitt, Narasimhan was appointed CEO of Starbucks, where he served for close to two years before being succeeded by Brian Niccol in 2024. Earlier, he led PepsiCo Latin America and served as CFO of PepsiCo Americas Foods. A former McKinsey leader of 19 years, Narasimhan has worked across consumer, retail, energy, technology, and healthcare, and sits on multiple global boards.

Kedar Lele

Lele assumed charge as Managing Director and VP, South Asia at Castrol India in 2024, before stepping down after a 15-month stint. His career spans DDB Mudra, Unilever, Kimberly-Clark Lever, and HUL, where he served as Executive Director and Head of Customer Development, South Asia.

Sandeep Kataria

Former Global CEO of Bata Group, Kataria’s career began at Unilever, followed by leadership roles at Yum! Brands, Pizza Hut UK & Europe, and Vodafone. He currently serves as an independent director at Pidilite Industries.

Gunjan Shah

Previously Chief Commercial Officer at Britannia Industries, Shah was appointed Managing Director and CEO of Bata India in 2021. His experience spans FMCG, telecom, and consumer durables, with early stints at Asian Paints and Motorola.

Joe John Kuruvilla

Founder and CEO of sports-tech firm SportOdyssey, Kuruvilla began at Hindustan Lever, rose to VP—Digital Transformation at Unilever East Europe, and later led Raymond’s lifestyle business as Global President and CEO.

Pratik Pota

Former CEO of Jubilant Foodworks, Pota moved between FMCG and telecom, playing a key role at Bharti Airtel before returning to PepsiCo India, where he led iconic launches including Nimbooz and the relaunch of Mountain Dew.

Vivek Sunder

Currently CEO of Kerala Ayurveda, Sunder’s journey includes leadership roles at Procter & Gamble, then Swiggy as COO, and then Cuemath as CEO.

Devndra Chawla

Now MD & CEO of GreenCell Mobility, Chawla has worked starting Nivea, Asian Paints, then moving to Coca-Cola, Reliance Retail, Future Group, and then Walmart India.

Idimadakala Srinivas Murthy

From GSK and Coca-Cola to Snapdeal and healthcare entrepreneurship, Murthy’s career reflects deep marketing leadership across FMCG, e-commerce, and wellness.

Anand Kripalu

Currently MD and Global CEO of EPL Limited, Kripalu previously led HUL East Africa, then Cadbury Asia, and then United Spirits, where he also served on Diageo’s Global Executive Committee.