Hindustan Unilever Ltd.’s Chief Executive Officer Sanjiv Mehta will take over from Harish Manwani as the new chairman.
Manwani has decided to retire as chairman and not seek reappointment at the forthcoming shareholders’ meeting in June , HUL said in an exchange filing. He has served as the non-executive chairman of the country’s largest fast-moving consumer goods company since 2005.
Mehta will take over as chairman of the company from June. He has also been reappointed as managing director and CEO for another five years after his current term ends in October this year, the filing added.
“I will personally miss his leadership and wise counsel,” Mehta said about Manwani’s decision to retire.
Harish leaves behind a legacy that few will be able to match. He has lived the values that make HUL such a great company. Through his passion, commitment and endless energy, he leaves a lasting impact on the business.Sanjiv Mehta, MD & CEO, HUL
Mehta’s tenure will extend only till March 2020, after which the company will separate the posts of chairman and MD, HUL said. That’s because market regulator SEBI recently decided to accept the Kotak Committee’s recommendation that the positions of chairman and managing director should be separated at the top 500 companies, starting April 2020.