Unilever Appoints Srinivas Phatak as Permanent CFO
Unilever, a global consumer goods giant, has announced the appointment of Srinivas Phatak as its permanent Chief Financial Officer. Phatak, who has been with the company for nearly three decades and has previously held roles such as deputy financial officer and group control, most recently served as interim finance chief before being appointed to the permanent position. The decision was made after conducting an internal and external search process, with the Unilever board unanimously agreeing that Phatak is the best candidate for the role.
Industry Trend Towards Insider CFO Appointments
The trend of companies choosing insider candidates for CFO roles is on the rise this year, with nearly 71.8% of major public companies opting for internal candidates in the first half of the year, up from 52.9% last year. This trend may be influenced by broader economic uncertainty, according to a report from executive search firm Crist Colder Associates.
Leadership Changes at Unilever
Unilever has been undergoing leadership changes, with former CFO Fernando Fernandez replacing Hein Schumacher as CEO earlier this year. The company is also evaluating its top leaders and planning to refresh about 25% of its leadership team as part of a wider restructuring plan.
Challenges and Opportunities
Unilever is currently facing challenges with its subsidiary, Ben & Jerry’s, which has been vocal about its desire to become an independent entity. Despite these challenges, Unilever remains focused on driving consistent volume growth, margin expansion, and advancing its growth story under Phatak’s leadership.
Financial Details
Phatak is set to receive an annual fixed pay of 1.175 million euros (approximately $1.388 million USD) and will be eligible for annual bonus and performance share plan awards. His appointment as permanent CFO reflects Unilever’s confidence in his ability to drive financial rigor, strategic clarity, and value creation within the company.
Overall, Phatak’s appointment as permanent CFO represents a strategic move by Unilever to solidify its financial leadership and drive growth in the competitive consumer goods market.
