Unilever PLC has appointed Srinivas Phatak, a company veteran, as its new Chief Financial Officer, effective immediately. Phatak, who has been acting CFO since March, steps into the role following the promotion of his predecessor to CEO earlier this year. He joins the board of the Anglo-Dutch consumer goods giant, known for brands like Dove soap, Hellmann’s mayonnaise, and Knorr stock cubes.
Phatak’s appointment follows a turbulent period for Unilever, which saw former CEO Hein Schumacher exit after less than two years, signaling the board’s dissatisfaction with the pace of the company’s restructuring efforts. The 53-year-old executive, who began his career at Unilever in 1999 in finance and commercial roles in India, previously served as deputy CFO and controller since 2022.
The company is undergoing a major transformation, focusing on cost-cutting and divesting underperforming brands, including the planned spin-off of its ice cream division. Phatak’s leadership will be key as Unilever navigates these changes to strengthen its market position.
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Unilever shares remained largely unchanged in early London trading, with a slight decline of less than 1%. The stock has seen minimal growth this year, reflecting investor caution amid the ongoing restructuring.
Phatak will receive an annual fixed salary of €1.2 million ($1.4 million), with eligibility for bonuses and performance share plan awards, Unilever confirmed.
