Harish Manwani will retire as non-executive chairman of Hindustan Unilever Limited (HUL) after the forthcoming annual general meeting.
Sanjiv Mehta, who is currently the CEO and managing director, will take over as the chairman and managing director of HUL from Mr. Manwani, the company said in a relese.
Mr. Manwani (64) took over as the non-executive chairman of HUL in July 2005. He oversaw a period of sustained growth, with the business nearly tripling in size, and HUL reinforcing itself as one of India’s most admired companies, it added.
The HUL board had, as part of its periodic succession planning meetings, discussed the succession plan concerning the chairman. This was before the Kotak Committee on Corporate Governance Report was in the public domain. The company has taken note of the recent decision of the Securities and Exchange Board of India (SEBI) to accept the recommendation of the Kotak Committee to separate the positions of the Chairman and the Managing Director from April 2020, for the top 500 companies by market capitalisation. The HUL Board will ensure compliance with the new regulation of separation of the two positions by April 2020.
'A legacy few can match'
Mr. Sanjiv Mehta, CEO and MD of HUL, said, “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.”
Mr Manwani joined HUL as a management trainee in 1976 and joined the HUL board in 1995 as a director responsible for the personal products business. In 2005, he was appointed to the Unilever Executive as president, Asia, Africa, Middle East, and the role later expanded to include Central and Eastern Europe. From 2011 to 2014, he was the chief operating officer of Unilever.
