‎Srinivas Phatak, a company veteran, has been named the new Chief Financial Officer of Unilever Plc. Phatak, who had been serving as acting CFO at the Anglo-Dutch consumer goods company since March, will join the board effective immediately, according to Unilever.

‎Phatak started at the company in finance and commercial roles in India in 1999. Prior to taking over from Fernando Fernandez, his predecessor, he had been deputy CFO and controller since 2022.

‎The company revealed that Phatak, the 53-year-old executive, will receive an annual fixed pay of €1.2 million ($1.4 million) and he will also be eligible to receive an annual bonus and performance share plan awards.

‎His appointment comes after Unilever ousted former CEO Hein Schumacher less than two years into the job, in a sign that the board wasn’t satisfied with the pace of restructuring.

‎‎Unilever is in the midst of a shakeup that includes cutting costs and shedding underperforming brands. The transformation also involves the spin-off of its ice cream division.

‎‎According to a Bloomberg report, Unilever shares, which have barely risen so far this year, were little changed in early London trading, declining less than 1%, after announcing Phatak’s appointment.

REGISTER FOR MARKETING EDGE STAKEHOLDERS SUMMIT