Hindustan Unilever’s Board of Directors has announced that, following the retirement of Harish Manwani as Non-Executive Chairman, Sanjiv Mehta, Managing Director & CEO, will take on the mantle of Chairman of the Board of Directors, effective subject to shareholder approval as of the AGM in June, 2018.
Mehta’s term as Managing Director & CEO has also been extended for a further five years, effective from October, 2018, again subject to shareholder approval. His role will be re-designated as Chairman and Managing Director until 2020, when the company has committed to honoring the recommendation of the Kotak Committee Report on Corporate Governance that the Chairman and Managing Director roles be separated.
“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.