Leading FMCG firm Hindustan Unilever Ltd (HUL) on Thursday announced the separation of the position of chairman of the Board and the CEO & managing director, and has appointed Nitin Paranjpe as a non-executive chairman of the company.
Paranjpe, currently working as the chief operating officer of Anglo-Dutch FMCG major Unilever, the parent of HUL, would take over as the non-executive chairman from March 31, 2022.
Sanjiv Mehta will continue as the chief executive officer & managing director (CEO & MD) of the company, HUL said in a statement.
This is "in consonance with emerging, progressive governance trends," according to HUL, which owns popular brands, including RIN, Surf Excel, Lux, Lakmé and Dove.
"The appointment is subject to the approval of the shareholders which the company will seek as per applicable regulations," HUL said.
The Nomination & Remuneration Committee (NRC) of the HUL Board had recommended Paranjpe's appointment to the Board.
"The Board accepted the recommendation made by the NRC and has appointed Paranjpe as a non-executive chairman," it added.
In January this year, Unilever had announced that Paranjpe will take on a new role as chief transformation officer & chief people officer, leading the business transformation, and heading the HR function for Unilever effective April 2022.
He is also a member of the supervisory board of Heineken NV.
"I look forward to working closely with Sanjiv and the Board to further strengthen the company and help navigate the challenges and opportunities in the years ahead," Paranjpe said.
HUL chairman & managing director Sanjiv Mehta said: "We welcome Nitin back to HUL as the non-executive chairman.
"He brings in huge knowledge and experience which will enrich the deliberations and add value to the Board."
Mehta, who is with HUL for nearly 30 years, became the CEO & MD of HUL in October 2013 and in June 2018 was appointed as the chairman & managing director.
Mehta, also president of the Federation of Indian Chambers of Commerce & Industry (FICCI), thanked HUL's Board for their support rendered to him during his tenure.
HUL's Board also approved the re-appointment of Dev Bajpai as the Whole Time Director of the company for a period of five years till January 2027.
Bajpai is executive director - legal and corporate affairs of HUL.
In FY21, HUL's revenue was at Rs 45,996 crore and is the country's largest fast-moving consumer goods company.
With over 50 brands spanning various categories, HUL is into fabric solutions, home and hygiene, life essentials, skin cleansing, skin care, hair care, colour cosmetics, oral care, deodorants, tea, coffee, ice cream & frozen desserts, foods and health food drinks.
Its portfolio consists leading household brands.
They include Lux, Lifebuoy, Surf Excel, Rin, Wheel, Glow & Lovely, Pond's, Vaseline, Lakmé, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall's, Horlicks and Pureit.
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