Manwani to succeed Banga at HLL

Unilever president (Asia & Africa) Harish Manwani is to succeed M S Banga as the non-executive chairman of Hindustan Lever Ltd.

"It is the intention of the board to elect Harish Manwani as the non-executive chairman of the company in succession to M S Banga from the conclusion of the Annual General Meeting on June 24, 2005," HLL informed the Stock Exchange, Mumbai on Monday.

The board of directors, at its meeting on April 29, decided to co-opt Manwani as an additional director on the board while Banga is not to seek re-election as non-executive director at the AGM, it said.

"Consequent to him becoming president (foods) of Unilever, M S Banga has advised the board that he will not seek re-election as a non-executive director at the AGM of the company scheduled for June 24, 2005," it said.

"In these last years, we have strengthened the company by focusing on our 35 FMCG power brands. We have improved quality and affordability," Banga was quoted as saying.

He said, "we have also built our core functional capabilities and created a more agile and consumer connected company. Today we have a vibrant and energised team that is confident of growing with India."