UK (Commonwealth Union)_ Unilever has appointed Srinivas Phatak as its new Chief Financial Officer, marking a significant leadership shift at the consumer goods giant. Phatak, who has served as interim CFO since February, officially steps into the role following a period of executive changes at the company. The appointment was announced by the Unilever Board on Tuesday. Phatak, originally from India, becomes the second Indian executive on the board of the UK-headquartered multinational, alongside Priya Nair, CEO and MD of Hindustan Unilever Ltd.
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In a statement, Unilever said the board unanimously agreed Phatak was the right choice. “His deep understanding of the business, strong track record, and leadership during his time as acting CFO made him the clear candidate,” the company noted. CEO Fernando Fernandez, who previously held the CFO position before taking over the top job, praised Phatak’s leadership. “His experience and ability to challenge constructively will be vital as we focus on delivering consistent volume-led growth and expanding margins,” Fernandez said.
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Phatak brings close to 30 years of experience in the consumer goods sector. He joined Unilever India in 1999 after starting his career at ITC in 1996. Over the past two decades, he has held a variety of roles across Unilever’s global operations, including leading finance teams in the Americas, managing global treasury for Asia, and overseeing major mergers and acquisitions. From 2017 to 2021, Phatak served as CFO and Executive Director at Hindustan Unilever, a key subsidiary of the group. During his tenure, the company strengthened its market position and delivered steady financial performance.
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As CFO, Phatak will earn a fixed annual salary of €1.175 million and will be eligible for bonuses and long-term incentives under the company’s performance plans. A chartered accountant and cost accountant by training, Phatak holds qualifications from the Institute of Chartered Accountants of India and the Institute of Cost Accountants of India. He currently lives in London with his family and serves as an independent director on the board of Coats Group Plc, a UK-based garment company. Phatak’s hiring is perfectly timed for Unilever, which intends to dispose of its ice cream business and recalibrate their portfolio as a whole. Observing any financial impact due to these strategic plans will be particularly important, as Unilever will turn to Phatak for leadership and stewardship during any potential transitions after the company makes strategic changes.
