Hindustan Unilever (HUL) has announced the separation of the position of Chairman of the Board and the CEO and Managing Director. The company announced the appointment of Nitin Paranjpe, currently Chief Operating Officer (COO) of Unilever as a Non-Executive Chairman of the Company with effect from March 31, 2022.
Sanjiv Mehta will continue as the Chief Executive Officer and Managing Director (CEO and MD).
The Nomination and Remuneration Committee (NRC) of the HUL Board recommended Paranjpe’s appointment to the Board. The Board accepted the recommendation made by the NRC and has appointed him as a Non-Executive Chairman. The appointment is subject to approval of the shareholders which the company will seek as per applicable regulations.
As recently announced by Unilever in January, Paranjpe will take on a new role as Chief Transformation Officer and Chief People Officer, leading the business transformation, and heading the HR function for Unilever effective April 2022. He is also a member of the Supervisory Board of Heineken NV.
Mehta said, “We welcome Nitin back to HUL as the Non-Executive Chairman. He brings in huge knowledge and experience which will enrich the deliberations and add value to the Board.” Mehta also thanked the Board for their support rendered to him during his tenure and added, “It has been an honour to have led the HUL Board over the past few years.”
Sanjiv Misra, Chairman of the NRC, said that the company had been privileged to have Mehta as the Chairman of the Board and thanked him for providing effective leadership to the Board for the last few years. He said, “Sanjiv has played a stellar role not only in leading the business to high performance in a challenging environment but has also led the Board, most ably, setting high standards of governance and transparency in Board management. On behalf of the Board, I would like to thank Sanjiv for his contributions as the Chairman and look forward to continuing to work with him in his capacity as the CEO and Managing Director. We would also like to welcome Nitin as the Non-Executive Chairman of the Board.”
Paranjpe commenting on his appointment as the Non-Executive Chairman said, “It’s an honour and a privilege to be appointed as the non-executive Chairman of HUL; one of the most respected companies in the country. I look forward to working closely with Sanjiv and the Board to further strengthen the company and help navigate the challenges and opportunities in the years ahead.”