Hindustan Unilever’s Chief Financial Officer (CFO) Ritesh Tiwari is likely to step down and take up a global role within the Unilever group, as per a report by CNBC-TV18.
Tiwari continues to be the Executive Director, Finance, IT, and Chief Financial Officer of the company. A HUL spokesperson told Financialexpress.com, “If there are any developments in this regard, necessary disclosures will be made.”
“At HUL, we consistently nurture talent and groom leaders as part of our ongoing talent development process,” he added.
Leadership reshuffle at HUL
Tiwari’s potential exit as CFO comes at a time when India’s largest FMCG firm is witnessing key changes at the top. On Thursday, July 10, HUL announced the appointment of Priya Nair as its new Chief Executive Officer and Managing Director — making her the first woman to take charge of the top post at HUL in its history.
Priya Nair to take charge as CEO and MD
Priya Nair will take charge on August 1, after Rohit Jawa steps down on July 31, before the completion of his five-year tenure.
Numvama sees the appointment of Nair as a positive move “We see the change of guard at HUL, as Unilever’s strong commitment and seriousness to deliver improvement and outperformance from India.”
Nuvama highlights that over the last two years, HUL has faced challenges due to weak volume growth and increased competition from new brands and D2C players. It sees the appointment of Nair as a positive move, stating, “We see the change of guard at HUL as Unilever’s strong commitment and seriousness to deliver improvement and outperformance from India.” Tiwari’s potential change in role could also be part of the same plan.
Share price of HUL
The share price of HUL surged nearly 4.63 per cent on Friday amid the leadership change. The stock opened at Rs 2,508, up 4.23 per cent from the previous close of Rs 2,407.