 "Manwani to retire as non-executive chairman of HUL, Sanjiv Mehta to succeed")
Fast moving consumer goods (FMCG) major Hindustan Unilever (HUL) on Thursday said CEO and MD Sanjiv Mehta will take over as the company Chairman, succeeding Harish Manwani who will retire in June as the Non-Executive Chairman.
"HUL announced Manwani's decision to retire as Non-Executive Chairman following the coming Annual General Meeting (AGM)," the company said in a regulatory filing to the BSE.
"Mehta, currently the CEO and Managing Director, will take over as the Chairman and Managing Director," it said.
The company said Manwani took over as the Non-Executive Chairman in July 2005.
"Manwani leaves behind a legacy that few will be able to match... through his passion, commitment and endless energy, he leaves a lasting impact on the business," said Mehta.
The statement said Mehta had been appointed as MD and CEO in October 2013 for five years and his present tenure as MD and CEO would have ended in October 2018.
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"Mehta will be re-designated as Chairman and MD after conclusion of the AGM," it added.