Unilever has officially named Srinivas Phatak as its new Chief Financial Officer (CFO) after he served in various roles within the company for nearly 30 years. Phatak, who previously held the position of interim finance chief, has also been appointed to the board of directors. The decision to appoint Phatak as the permanent CFO comes after an extensive internal and external search process, with the Unilever board unanimously agreeing that he is the best candidate for the role.
Choosing an internal candidate for the CFO position is a trend that many companies are following this year, with a significant increase in the number of public companies selecting CFOs from within their own ranks. Unilever, a global consumer goods giant known for brands like Ben & Jerry’s and Hellmann’s, has been undergoing leadership changes, with Fernando Fernandez taking over as CEO earlier this year.
The company’s leadership transitions coincide with a public dispute with Ben & Jerry’s, which recently saw cofounder Jerry Greenfield resign. Ben & Jerry’s has been vocal about wanting to regain its independence from Unilever, citing differences in values and decision-making. In response, Unilever is evaluating its top leaders and planning to refresh its leadership team as part of a wider restructuring effort.
Fernandez, in a statement, expressed confidence in Phatak’s ability to drive growth and value creation within the company. Phatak will receive a fixed annual salary of 1.175 million euros, along with additional performance-based incentives. His appointment reflects Unilever’s commitment to strategic clarity and financial rigor in pursuit of continued success and growth.
Overall, the appointment of Srinivas Phatak as CFO represents a strategic move by Unilever to solidify its leadership team and drive long-term growth. With a focus on financial performance and value creation, Phatak is poised to play a key role in shaping Unilever’s future success.