Srinivas Phatak appointed Unilever CFO permanently, joining the board as the consumer goods giant continues restructuring and brand reshuffling
Srinivas Phatak appointed Unilever CFO following a brief period in an acting capacity, cementing his place at the top of the Anglo-Dutch consumer goods giant during a period of significant corporate transformation.
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Phatak, 53, a veteran of the company since 1999, has officially joined Unilever’s board with immediate effect, the firm confirmed on Tuesday.
He steps into the role previously held by Fernando Fernandez, having served as deputy CFO and controller since 2022 and acting CFO since March.
Unilever said Phatak would receive a fixed annual salary of €1.2 million (£1.03 million) and be eligible for performance-based bonuses and share awards, aligning his remuneration with company benchmarks for senior leadership.
The appointment follows a broader leadership overhaul at Unilever, which recently saw the sudden ousting of former CEO Hein Schumacher after less than two years in the top job.
Analysts interpreted the move as a clear signal of the board’s dissatisfaction with the speed of transformation under Schumacher’s tenure.
Unilever is currently navigating a high-stakes restructuring strategy, which includes cutting costs, spinning off its ice cream division, and offloading underperforming brands.
Phatak’s promotion is seen as a stabilising measure, placing a trusted internal figure at the financial helm during a period of uncertainty.
Beginning his Unilever career in India across finance and commercial roles, Phatak has steadily risen through the ranks over more than two decades.
His international experience and strategic understanding of the business are expected to be instrumental as the company seeks to revive growth and investor confidence.
According to Bloomberg, Unilever shares remained relatively flat following the announcement, slipping by less than 1% in early London trading — a sign of cautious optimism or investor wait-and-see sentiment.
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Phatak’s leadership will be closely watched in the coming months as Unilever attempts to deliver on its promises of streamlined operations and better shareholder returns.
Source: Read more at premiumtimesng.com
