HUL appoints Nitin Paranjpe as Non-Executive Chairman

24 Feb 2022 , 03:14 PM

Hindustan Unilever Ltd. (HUL) has announced on Thursday the separation of the position of Chairman of the Board and the CEO & Managing Director.

The company has announced the appointment of Nitin Paranjpe, currently Chief Operating Officer of Unilever as a Non-Executive Chairman of the Company with effect from March 31, 2022.

Sanjiv Mehta will continue as the Chief Executive Officer & Managing Director (CEO & MD).

At around 3.17 pm, Hindustan Unilever Ltd was trading at Rs2,177.45 per piece down by Rs83.45 or 3.69% from its previous closing of Rs2,260.90 per piece on the BSE.

The Nomination & Remuneration Committee (NRC) of the HUL Board recommended his appointment to the Board. The Board accepted the recommendation made by the NRC and has appointed Paranjpe as a Non-Executive Chairman. The appointment is subject to approval of the shareholders which the Company will seek as per applicable regulations.

As recently announced by Unilever in January, 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.

Commenting on the appointment of Paranjpe, Mehta, said, “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.” Mr Mehta thanked the Board for their unstinted support rendered to him during his tenure and added, “It has been an honour to have led the HUL Board over the past few years.”

Sanjiv Misra, Chairman of the NRC, said the company had been privileged to have Sanjiv Mehta as the Chairman of the Board and thanked Mehta for providing effective leadership to the Board for the last few years. He said, “Sanjiv has played a stellar role not only in leading the business to high performance in a challenging environment but has also led the Board, most ably, setting high standards of governance and transparency in Board management. On behalf of the Board, I would like to thank Sanjiv for his contributions as the Chairman and look forward to continuing to work with him in his capacity as the CEO & Managing Director. We would also like to welcome Nitin as the Non-Executive Chairman of the Board.”

Nitin Paranjpe, commenting on his appointment as the Non-Executive Chairman, said: “It’s an honour and a privilege to be appointed as the non-executive Chairman of HUL; one of the most respected companies in the country. I look forward to working closely with Sanjiv and the Board to further strengthen the company and help navigate the challenges and opportunities in the years ahead.”