Consumer goods major Unilever on Tuesday named India-born Srinivas Phatak as its new chief financial officer (CFO).
Phatak, who has been the acting CFO at Unilever since February this year, will join the company’s board with immediate effect.
A company veteran, Phatak will also join the Unilever Leadership Executive (ULE) with this promotion, becoming the second Indian after HUL CEO & MD Priya Nair on the company’s top leadership team that drives company strategy across markets.
The maker of Dove soaps and Knorr soups said it had conducted a thorough search process within and outside the company before deciding on Phatak for the role. The board was united in its decision after Phatak “performed strongly” as the interim CFO, it said.
Key leadership transition
Phatak, 53, had taken on the role of interim CFO after his predecessor Fernando Fernandez was elevated to the role of Unilever chief executive in a top-deck reshuffle earlier this year. The leadership change came following the surprise exit of then CEO Hein Schumacher.
“The Unilever board is in unanimous agreement that Srinivas is the best candidate for the role, due to the strength of his industry and functional experience and having performed strongly as acting CFO,” the company said.
“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. His leadership and constructive challenge will be very valuable in driving consistent volume growth, margin expansion, and advancing our growth story,” Fernandez said.
Veteran with deep finance expertise
Phatak’s elevation also comes at a time when Unilever prepares to hive off its ice cream business later this year, with Fernandez seeking to improve financial performance, doubling down on its top two markets, US and India, and drive power brands and categories that can aid premiumisation.
Phatak has been with Unilever for over 25 years, covering all aspects of business and corporate finance. He played a key role in Unilever’s recent enterprise-wide programmes, including its productivity drive, integrated operations and technology transformation.
Between 2017 and mid-2021, Phatak was CFO of Hindustan Unilever (HUL) and vice-president, finance for South Asia, where he oversaw growth acceleration, market share gains, more than 300 basis points of margin expansion, and a doubling of HUL’s market capitalisation.
A qualified chartered accountant and cost accountant, Phatak, who is currently based in London, will receive a fixed annual pay of €1.2 million ($1.42 million), in addition to being eligible for an annual bonus and performance share plan awards.