Unilever PLC has appointed Srinivas Phatak as its new Chief Financial Officer (CFO), effective immediately. Phatak, a long-time company veteran, had been serving as the acting CFO since March and takes over following the promotion of his predecessor to the role of chief executive officer earlier this year.
The appointment comes after Unilever’s board decided to oust former CEO Hein Schumacher less than two years into his tenure, signaling dissatisfaction with the pace of the company’s restructuring efforts.
In early London trading, Unilever’s shares remained relatively stable, declining less than 1%. The company’s stock has shown minimal growth so far this year.
Company Transformation
Unilever is currently undergoing a significant transformation that includes cost-cutting measures and the shedding of underperforming brands. This restructuring also involves the planned spin-off of its ice cream division.
Phatak has been with Unilever since 1999, starting in finance and commercial roles in India. Before his promotion, he served as deputy CFO and controller from 2022.
The 53-year-old executive will receive an annual fixed salary of €1.2 million (approximately $1.4 million) and will be eligible for an annual bonus and performance share plan awards.
Unilever’s portfolio includes well-known brands such as Hellmann’s mayonnaise, Dove soap, Knorr stock cubes, and Pepsodent toothpaste, as the company continues to navigate a challenging market landscape.