By Martin Shwenk Leade
Copyright indiatimes
Srinivas Phatak, Unilever CFO
Unilever on Tuesday confirmed the appointment of Srinivas Phatak as its new Chief Financial Officer, saying the board’s decision was unanimous after he “performed strongly” during his interim stint earlier this year.Phatak, 53, had stepped in as acting CFO in February after Unilever unexpectedly ousted CEO Hein Schumacher and elevated then-finance chief Fernando Fernandez to the top job. The company said the board’s decision to make his role permanent was unanimous after he “performed strongly” during his interim stint. “The Unilever Board is in unanimous agreement that Srinivas is the best candidate for the role, due to the strength of his industry and functional experience and having performed strongly as acting CFO,” the company said in a statement. Fernandez added, “Srinivas has been a great partner over the last six months as acting CFO and over many years as part of the Unilever leadership team. His leadership and constructive challenge will be very valuable in driving consistent volume growth, margin expansion, and advancing our growth story.”Live Events Phatak will step into the role as Unilever prepares to spin off its ice cream business later this year, with Fernandez seeking to streamline management and bolster profitability. Phatak has been with Unilever for more than 25 years, covering all aspects of business and corporate finance. Most recently, he served as Deputy CFO and Controller, managing performance and stewardship for the group. He played a key role in Unilever’s recent enterprise-wide programmes, including the productivity drive, integrated operations and technology transformation. Between 2017 and mid-2021, Phatak was CFO of Hindustan Unilever Limited and Vice President Finance for South Asia, where he oversaw growth acceleration, market share gains, more than 300 basis points of margin expansion and a doubling of HUL’s market capitalisation. A qualified Chartered Accountant and Cost Accountant from India, Phatak is also a Non-Executive Director on the Board of Coats Plc. He is married and currently lives in London. Unilever said Phatak will receive a fixed annual pay of €1.2 million ($1.42 million), in addition to being eligible for an annual bonus and performance share plan awards.(With inputs from Reuters)Add as a Reliable and Trusted News Source Add Now!
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