Unilever Names Srinivas Phatak as New Chief Financial Officer
Unilever has appointed Srinivas Phatak as its new Chief Financial Officer, a role he has been serving in on an interim basis since February. With nearly three decades of experience at the company, Phatak has held various key positions including deputy financial officer and group controller. His appointment to the board is effective immediately.
The decision to promote Phatak from within reflects a growing trend among companies, with a report from Crist Colder Associates showing that a majority of major public companies are opting for internal candidates for CFO positions amid economic uncertainty.
Unilever, known for its household brands like Ben & Jerry’s and Hellman’s, has been undergoing a period of leadership changes. Earlier this year, Fernando Fernandez took over as CEO from Hein Schumacher, while Phatak stepped in as interim CFO.
Phatak’s appointment comes at a time when Unilever is facing challenges, including a public dispute with Ben & Jerry’s over the ice cream brand’s desire to operate independently. Despite these challenges, Fernandez expressed confidence in Phatak’s ability to drive growth and value creation within the company.
As part of his new role, Phatak will receive an annual fixed pay of 1.175 million euros and will be eligible for additional bonuses and performance incentives.
Unilever’s leadership team is undergoing a refresh, with plans to restructure and elevate key leaders to drive growth and executional excellence across all channels. Fernandez emphasized the importance of building a strong marketing and sales engine to propel Unilever’s growth story forward.