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Investing.com -- Unilever on Tuesday appointed Srinivas Phatak as its new chief financial officer, confirming he will join the board immediately. The company said the board was unanimous in backing Phatak, who had been serving as interim finance chief since February.
“The Unilever Board is in unanimous agreement that Srinivas is the best candidate for the role, due to the strength of his industry and functional experience and having performed strongly as acting CFO,” the group said.
Phatak took on the role earlier this year after Unilever unexpectedly removed chief executive Hein Schumacher and elevated then-CFO Fernando Fernandez to the top job.
A company veteran, Phatak first joined in 1999 in India and has held a series of finance and commercial roles, becoming deputy CFO and controller in 2022.
“Srinivas has been a great partner over the last six months as acting CFO and over many years as part of the Unilever leadership team. He brings financial rigour, strategic clarity, and a sharp eye for value creation," Fernandez said in a statement.
The leadership reshuffle in February surprised investors and came amid mounting pressure from shareholders to accelerate a turnaround. The consumer goods sector has faced challenges from pandemic-era supply chain disruptions, soaring input costs, and shifting consumer habits that have squeezed margins and hurt volumes.
Unilever’s board, which includes activist investor Nelson Peltz, was united in its decision to replace Schumacher with Fernandez as part of efforts to reinvigorate performance.
When Schumacher took over as chief executive, investors and analysts welcomed the move to bring in an outsider. He focused on overhauling Unilever’s strategy after years of sluggish performance, announcing major cost-cutting measures that included separating the ice cream unit and eliminating thousands of roles.
The company has also sought to accelerate divestments, though shedding some businesses, such as its plant-based meat line, has proved more difficult.