Unilever appoints finance veteran Srinivas Pathak as their new financial head
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, will take on the role following the departure of the previous finance chief.
Phatak was most recently serving as deputy CFO and Controller at Unilever. He previously held the position of Chief Operating Officer (COO) at Hindustan Unilever Limited, a role he left in 2018. From 2017 to mid-2021, he was also the CFO of Hindustan Unilever Limited and vice president of finance for South Asia.
Fernando Fernandez, the current CEO of Unilever, made the decision to appoint Phatak. Fernandez aims to streamline management and bolster margins at Unilever, and he believes Phatak's extensive experience within the company will be instrumental in achieving these goals.
Phatak's annual fixed pay will be 1.2 million euros, and he is eligible for an annual bonus and performance share plan awards.
Meanwhile, Unilever has also announced plans to spin off its ice cream business later this year. This move comes as the company looks to focus on its core consumer goods business.
In other news, HUL is planning to acquire a stake in Fireside, a company backed by Roha. The logistics SaaS startup Fleetx has also received Series C funding from IndiaMART and BEENEXT.
Elsewhere in the market, market losses in metal shares have been offset by gains in consumer stocks. Advent-backed packaging firm Manjushree Technopack is set to acquire Hitesh Plastics.
In related personnel news, Samunnati has appointed Badri Narayanan, a former Unilever executive, as its group CEO. Unilever's shares have increased less than 1% so far this year, as of Monday's closing price.
Phatak's new role at Unilever marks a significant milestone in his career, and he is looking forward to contributing to the company's continued success.
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