HUL splits CMD post, Nitin Paranjpe is non-executive chairman

Hindustan Unilever (HUL) on Thursday announced separation of the post of chairman of the board and the MD-CEO. Nitin Paranjpe, currently chief operating officer of Unilever, will be the new non-executive chairman of HUL, with effect from March 31. The Nomination & Remuneration Committee (NRC) of the HUL board recommended his appointment to the board, which accepted the recommendation.

Sanjiv Mehta, who was earlier chairman and MD, will continue as MD and CEO. On February 15, the Securities and Exchange Board of India (Sebi) made the splitting of the post of chairman and managing director (CMD) voluntary.

Paranjpe will take on a new role as chief transformation officer & chief people officer, leading the business transformation, and heading the HR function for Unilever effective April 2022. He is also a member of the supervisory board of Heineken NV.

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“We welcome Nitin back to HUL as the non-executive chairman. He brings in huge knowledge and experience which will enrich the deliberations and add value to the Board,” Mehta said.

“I look forward to working closely with Sanjiv and the board to further strengthen the company,” Paranjpe said.