Srinivas Phatak appointed new Unilever PLC CFO, to join board immediately

Before succeeding Fernando Fernandez, Srinivas Phatak served as deputy CFO and controller from 2022. Phatak joined Unilever in 1999, working in finance and commercial roles in India

Consumer goods giant Unilever PLC has appointed Srinivas Phatak as chief financial officer (CFO) after his predecessor was promoted to chief executive officer earlier this year, Bloomberg reported. A long-standing company executive, Phatak will join Unilever’s board with immediate effect, the Anglo-Dutch consumer goods firm announced on Tuesday. He has been serving as the acting CFO since March.

 

Leadership change amid restructuring

 

The appointment follows the ousting of former CEO Hein Schumacher less than two years into his tenure, signalling the board’s dissatisfaction with the pace of the company’s restructuring efforts.

 

Phatak joined Unilever in 1999, working in finance and commercial roles in India. Before succeeding Fernando Fernandez, he served as deputy CFO and controller from 2022.

 

 

 “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 in a statement.

  

From 2017 to mid-2021, Phatak held the positions of CFO of Hindustan Unilever Limited and vice-president, finance, for South Asia.

 

Phatak is a qualified chartered accountant and cost accountant and serves as a non-executive director on the board of Coats Plc.

 

Compensation package

 

The 53-year-old executive will receive an annual fixed salary of $1.4 million and will also be eligible for an annual bonus and performance share awards, the company confirmed.

 

Unilever is currently undergoing a transformation that involves cutting costs, divesting underperforming brands, and spinning off its ice cream division. Over the past year, Unilever has been working to recalibrate its operations, concentrating on marketing its top 30 'power' brands and streamlining its business, especially in Europe.