- ALSO READ
Two internal candidates in race for Hindustan Unilever CEO position
Companies should brace for continued or higher inflation: HUL CEO Mehta
Positive triggers factored into Hindustan Unilever's stock price
HUL's market capitalisation hits 67% of its parent company Unilever
Royalty costs for benefit of all shareholders, not just Unilever: HUL CEO
-
Hindustan Unilever Ltd (HUL) named Rohit Jawa as its managing director and chief executive officer on Friday, succeeding Sanjiv Mehta, who is retiring after spending nearly 10 years at the company's helm.
Jawa, currently chief of transformation for Unilever, will take charge as MD and CEO from June 27, Unilever's Indian unit said in an exchange filing.
The 56-year-old, who joined Hindustan Unilever as a management trainee in 1988, takes over the maker of Dove soaps and Sunsilk shampoos at a time when consumer companies are facing inflationary challenges that have hurt their margins.
Fast-moving consumer goods (FMCG) companies - particularly those that make personal care products - have struggled to pull in sales from cash-strapped rural consumers, worst affected by the Covid pandemic and Russia-Ukraine war-led inflation.
Growth in India's FMCG industry slowed in the quarter ended December 2022 sequentially as rural shoppers spent less on items such as washing powder and shampoo, according to market intelligence firm NielsenIQ.
Last year, Unilever had said the US, India and China were three of its key growth markets, underlining plans to grow in India amid rising use of the internet in the country and the economy's expansion.
HUL recently hiked royalty and central services fees it pays its majority owner Unilever to 3.45% of its turnover over three years from 2.65% earlier.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Fri, March 10 2023. 16:03 IST
RECOMMENDED FOR YOU