By Yadarisa Shabong
(Reuters) – Unilever named Srinivas Phatak as its new finance chief on Tuesday, as CEO Fernando Fernandez turned to a long-serving insider to stabilise leadership at the consumer goods giant as it navigates a period of organisational change.
The maker of Dove soaps and Hellmann’s mayonnaise, said it had conducted a thorough search process within and outside the company and the board was united in its decision after Phatak “performed strongly” as interim CFO earlier this year.
Phatak, 53, took on the acting CFO role in February, after Unilever unexpectedly ousted CEO Hein Schumacher and promoted finance chief Fernando Fernandez to the chief executive post.
Having been with Unilever for over 25 years, Phatak has covered all parts of the business and corporate finance. He most recently served as deputy CFO and Controller.
“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,” Fernandez said in a statement.
Phatak steps into the position at a pivotal time as Unilever prepares to spin off its ice cream business later this year and Fernandez looks to streamline management and bolster margins.
“His leadership and constructive challenge will be very valuable in driving consistent volume growth, margin expansion, and advancing our growth story,” Fernandez said.
Phatak will get an annual fixed pay of 1.2 million euros ($1.42 million) and be eligible to get an annual bonus and performance share plan awards, the statement said.
Phatak was CFO of Hindustan Unilever Limited and vice president of finance for South Asia from 2017 to mid-2021, during which the India business enjoyed market share gains and margin expansion.
Unilever’s shares are up less than 1% so far this year, as of Monday’s closing price.
($1 = 0.8479 euros)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips and Bernadette Baum)
