MUMBAI: Unilever veteran Srinivas Phatak will take over as acting chief financial officer of the London-headquartered consumer goods giant from March 1 following the elevation of the current CFO Fernando Fernandez to the role of CEO.
Unilever’s outgoing CEO Hein Schumacher will step down from his position on March 1 after a less than two-year stint at the company and will leave the firm on May 31.
Phatak, who is now the company’s deputy CFO and group controller, has held various positions across Unilever and its Indian arm Hindustan Unilever (HUL) over 25 years.
Following a three year stint at ITC, Phatak joined Unilever as a finance manager in India in 1999 and held senior portfolios at HUL. Initially serving as finance head of food and refreshments at HUL, Phatak rose through the ranks to assume the office of CFO for India business and VP finance for South Asia from 2017 to mid-2021.
During his tenure as HUL CFO, the business gained corporate market shares, delivering high single-digit volume-led growth and increased margins by over 300 basis points, resulting in the doubling of the market capitalisation of HUL. He has also taken up various roles in finance and supply chain across Unilever’s global markets like London and Americas.
A chartered accountant and cost and works accountant with a master’s degree from The Institute of Cost Accountants of India, Phatak assumed the role of Unilever group controller in mid-2021. Phatak is aiming to build a future-fit finance function at the company by transforming the tech and controls landscape.
Unilever said a thorough internal and external search process is being initiated to appoint a permanent CFO. “Srinivas’ leadership qualities and his broad experience will enable him to partner Fernando in successfully executing Unilever’s strategy,” the firm said in a statement on Tuesday.