Publicado: Sáb, Abril 14, 2018
Financiera | Por Marilu Caballero

Sanjiv Mehta Takes Over As Chairman & MD, HUL As Harish Manwani Retires

Sanjiv Mehta Takes Over As Chairman & MD, HUL As Harish Manwani Retires

Mumbai: Hindustan Unilever on Thursday said its long-serving non-executive chairman Harish Manwani would retire in June and Sanjiv Mehta, current managing director and CEO, would succeed him.

Sanjiv Mehta, managing director of India's biggest FMCG company Hindustan Unilever (HUL) has been appointed as executive chairman of the company with effect from June.

HUL clarified that its board, as part of its periodic succession planning meetings, discussed the succession plan concerning the chairman before the Kotak Committee on Corporate Governance Report.

Manwani (64) has made a decision to retire and not seek re-appointment at the forthcoming annual general meeting of the company to be held in June, Hindustan Unilever said in a regulatory filing. "The company has taken note of Sebi's recent decision to accept the recommendation of the Kotak Committee to separate the positions of the CMD from April 2020, for the top 500 companies by market capitalisation". "The HUL Board will ensure compliance with the new regulation of separation of the two positions by April 2020", it said.

Sanjiv Mehta's appointment will be an interim arrangement until the Hindustan Unilever identifies a new chairman.

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As COO, Manwani tried to align market clusters across the world, creating a more integrated company and helping resource allocation to be done more efficiently across markets that allowed the business to be managed more dynamically especially amid slowing consumer demand.

Manwani joined HUL as a management trainee in 1976 and joined the HUL board in 1995 as a director responsible for the personal products business.

HUL also stated that since SEBI has chose to split the roles of Chairman and MD by April 2020, company will ensure the separation of the two positions by then.

Manwani, 65 was the brain behind the company's successful challenge to Colgate's dominance in personal care segment in India in the 1990s.

Commenting on the development, Mehta said, "Harish leaves behind a legacy that few will be able to match.He has lived the values that make HUL such a great company.Through his passion, commitment and endless energy, he leaves a lasting impact on the business".

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