Unilever appoints acting CFO Srinivas Phatak in role permanently

Srinivas Phatak will receive an annual fixed pay of €1.2 million ($1.4 million)

Unilever PLC named acting Chief Financial Officer Srinivas Phatak to the role after his predecessor was promoted to chief executive officer earlier this year.

A company veteran, Phatak will join the board effective immediately, Unilever said Tuesday. He had been serving as acting CFO at the Anglo-Dutch consumer goods company since March.

The appointment comes after Unilever ousted former CEO Hein Schumacher less than two years into the job, in a sign that the board wasn’t satisfied with the pace of restructuring.

Unilever shares were little changed in early London trading, declining less than 1%. They have barely risen so far this year.

The maker of Hellmann’s mayonnaise is in the midst of a shakeup that includes cutting costs and shedding underperforming brands. The transformation also involves the spin-off of its ice cream division.

Phatak started at the company in finance and commercial roles in India in 1999. Prior to taking over from Fernando Fernandez, his predecessor, he had been deputy CFO and controller since 2022.

The 53-year-old executive will receive an annual fixed pay of €1.2 million ($1.4 million) and he will be eligible to receive an annual bonus and performance share plan awards, the company said.

Unilever’s brands also include Dove soap, Knorr stock cubes and Pepsodent toothpaste.