Unilever, a leading consumer goods company, has appointed Srinivas Phatak as its new Chief Financial Officer (CFO), effective immediately. Phatak, 53, is an India-born finance leader who has been with Unilever for over 25 years, serving in various roles across India and global markets. He succeeds Fernando Fernandez, who transitioned from CFO to CEO earlier this year.
Phatak’s appointment comes at a time when Unilever is undergoing a significant leadership reshuffle amid intensifying competition from new-age consumer brands. The company has been restructuring its leadership in both its global office and its second-largest market, India. Earlier this year, Unilever named Priya Nair as the first woman CEO of Hindustan Unilever Limited (HUL), and Niranjan Gupta as HUL’s new CFO.
Phatak has a strong track record of leading large-scale transformation projects and has played a key role in Unilever’s growth in India. He began his career with Hindustan Unilever in 1999 as a finance manager and has since held various roles, including Deputy CFO and Controller, EVP Risk Management and Controls, and CFO of HUL and VP Finance, South Asia. During his tenure as CFO of HUL, the company doubled its market capitalization, grew over 7%, and expanded margins by 300 basis points.
Phatak is a qualified Chartered Accountant and Cost Accountant, and he serves as a Non-Executive Director on the Board of Coats Plc. He is married to an eye surgeon and lives in London. On LinkedIn, Phatak described his journey as “coming full circle,” recalling his first day at HUL’s Mumbai office on September 15, 1999, and noting that exactly 26 years later, on September 15, he had been entrusted with the CFO role at Unilever’s London headquarters.
Phatak’s appointment is a significant milestone for Unilever, and he joins a growing list of Indian-origin executives in top finance roles at global giants such as Apple and Tesla. Unilever has said it will “invest disproportionately” in India, targeting “above group average volume growth.” With Phatak at the helm, the company is expected to continue its growth trajectory and navigate the challenges of intensifying competition in the consumer goods market.