Mumbai:Hindustan Unilever Ltd (HUL) said on Thursday that non-executive chairman Harish Manwani will retire after the company's forthcoming annual general meeting. Sanjiv Mehta, now CEO & MD, will take over as CMD of the consumer products company. Harish Manwani will be retiring as non-executive Chairman by June 2018 after serving the position for 13 years and the company for 42 years. According to a press statement announcing the development, Manwani oversaw a period of sustained growth, with the business almost tripling in size, and HUL reinforcing itself as one of India's most admired companies.
Manwani joined the maker of Rin detergent and Lux soaps as a trainee in 1976. (2007 -08) and Chairman of Unilever - North Africa & Middle East (2008 - September 2013). He was appointed COO of parent Unilever in June 2011 and retired in 2014 but continued in his capacity of the Indian arm. Manwani strongly believes that the challenges businesses face today can only be addressed through the "4G sustainable growth model" of competitive, consistent, profitable and above all, responsible growth.
This model has become a strong focal point for HUL and is central to the Company's business strategy, the company said.
Mehta added, "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. "I will personally miss his leadership and wise counsel", said Mehta in a statement.
Mehta's appointment will be an interim arrangement until the company identifies a new chairman.
The company said its board had decided that the tenure of Mehta as chairman shall be till March 2020 keeping in view the recommendation of the Kotak panel on corporate governance to separate the position of the chairman and the managing director effective April 2020 for top 500 companies by market capitalisation. He has been chairman and managing director of Unilever Bangladesh Limited (2002-06), chairman and CEO of Unilever Philippines Inc.
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