Hindustan Unilever Limited (HUL) on Thursday announced Harish Manwani’s decision to retire as non-executive chairman of the company following the forthcoming annual general meeting. Sanjiv Mehta, who is currently the CEO and MD, will take over as the CMD of HUL.
Manwani (64) took over as the non-executive chairman of HUL in July 2005.
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 report on Corporate Governance was in the public domain. “The company has taken note of Sebi’s recent decision to accept the recommendation of the Kotak Committee to separate the positions of the CMD from April 2020, for the top 500 companies by market capitalisation. The HUL Board will ensure compliance …,” HUL said in a statement.