Unilever names long-term employee Srinivas Pathak as new Chief Financial Officer
Unilever, the multinational consumer goods company, has announced the appointment of Srinivas Phatak as its new finance chief. Phatak, who has been with Unilever for over 25 years, takes on the role following a thorough search process conducted both within and outside the company.
Fernando Fernandez, the current CEO of Unilever, made the decision to appoint Phatak. Phatak most recently served as deputy CFO and Controller at Unilever, and had been acting CFO on an interim basis after his predecessor Fernando Fernandez became CEO.
Phatak's career at Unilever includes roles as CFO of Hindustan Unilever Limited and vice president of finance for South Asia from 2017 to mid-2021. During his tenure as CFO of Hindustan Unilever Limited, the India business enjoyed market share gains and margin expansion.
In February 2023, Phatak took on the acting CFO role at Unilever, and now, as the permanent finance chief, he will receive an annual fixed pay of 1.2 million euros.
Meanwhile, in other news, Fleetx, a logistics SaaS startup, has secured Series C funding from IndiaMART and BEENEXT. Samunnati has appointed Badri Narayanan, a former Unilever executive, as its group CEO.
Unilever's shares have seen minimal growth this year, with a less than 1% increase as of Monday's closing price. However, market losses in metal shares have been offset by gains in consumer stocks.
In a separate development, Unilever is planning to spin off its ice cream business later this year. Advent-backed packaging firm Manjushree Technopack is set to acquire Hitesh Plastics.
HUL (Hindustan Unilever Limited) is planning to acquire a stake in Fireside, a Roha-backed Nutritionlab. The move comes as HUL looks to expand its presence in the nutrition and wellness sector.
Overall, it's an exciting time for Unilever, with Phatak's appointment as finance chief and various strategic moves being made across the company.
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