Unilever Appoints Indian-Origin Phatak as Chief Financial Officer
Consumer goods powerhouse Unilever has officially appointed Srinivas Phatak as its new chief financial officer, following a six-month period as the acting CFO. Phatak, who was born in Hyderabad, India, brings over two decades of experience with Unilever and its Indian subsidiary, Hindustan Unilever Limited (HUL). His appointment comes at a crucial time for the company as it seeks to strengthen its position in the competitive consumer goods market, particularly in India, where it plans to invest significantly.
Phatak’s Journey to CFO
Srinivas Phatak’s career at Unilever began 26 years ago when he joined HUL as a finance manager. His journey has been marked by significant milestones, including his role as CFO for HUL from 2017 to mid-2021, where he played a pivotal role in driving business growth and enhancing value creation. Phatak’s extensive experience spans various aspects of business and corporate finance, equipping him with the skills necessary to navigate the complexities of the global market.
In a heartfelt message on LinkedIn, Phatak reflected on his journey, noting the significance of the date he joined HUL and the date he assumed the CFO role at Unilever. He expressed gratitude for the opportunity to lead the financial strategy of a company he has been part of for so long. His appointment is effective immediately, marking a new chapter in his professional life.
Unilever’s Strategic Focus on India
Unilever is currently undergoing a strategic reshuffle within its leadership as it adapts to the rapidly changing consumer landscape. The company has faced challenges, including a decline in market capitalization of over 6% in the past year, now standing at $152.4 billion. In response, Unilever is intensifying its focus on India, which is its second-largest market. The company aims to achieve growth that exceeds the group average, particularly in a market increasingly influenced by digital trends and new-age competitors.
Phatak’s appointment comes at a time when Unilever is committed to investing “disproportionately” in India. The company has already made significant changes in its leadership, including the recent appointment of Priya Nair as the first woman CEO for the region, replacing Rohit Jawa. These strategic moves reflect Unilever’s determination to enhance its market presence and adapt to evolving consumer preferences.
Leadership Changes and Future Outlook
Earlier this year, Unilever saw a significant leadership change when it replaced CEO Hein Schumacher with former finance chief Fernando Fernandez. Phatak’s predecessor, who served as the acting CFO, has now transitioned into the permanent role, signaling a renewed focus on financial stability and growth. In India, HUL has also appointed Niranjan Gupta as its new CFO, set to take over in November.
Phatak’s extensive background in finance and his deep understanding of both Indian and global markets position him well to lead Unilever’s financial strategy. His previous experience in accelerating HUL’s growth, where he contributed to a corporate share gain and margin expansion, will be invaluable as he steps into this critical role. As Unilever navigates a competitive landscape, Phatak’s leadership will be essential in driving the company’s financial performance and strategic initiatives.
Personal Background and Commitment
Srinivas Phatak’s personal background is as impressive as his professional achievements. Born to parents who worked at Syndicate Bank, he has maintained strong ties to his roots in India. His wife is an eye surgeon at Moorfields Eye Hospital in London, highlighting a family commitment to excellence in their respective fields. Phatak’s journey from a finance manager in Mumbai to the CFO of a global giant like Unilever is a testament to his dedication and expertise.
As he embarks on this new chapter, Phatak’s leadership will be closely watched by industry observers and stakeholders alike. Unilever’s commitment to growth in India, coupled with Phatak’s extensive experience, sets the stage for a promising future for the company in an ever-evolving market.
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