FMCG major Hindustan Unilever Ltd on Thursday announced the appointment of Nitin Paranjpe as the company's Non-Executive Chairman with effect from March 31, 2022.
The company is separating the position of the Chairman of the Board and CEO & MD, according to a statement.
Sanjiv Mehta will continue as the MD & CEO of the company. This is in "consonance with emerging, progressive governance trends" HUL said.
"The Nomination & Remuneration Committee (NRC) of the HUL Board recommended his appointment to the Board. The Board accepted the recommendation made by the NRC and has appointed Paranjpe as a Non-Executive Chairman," it said.
The appointment is subject to the approval of shareholders.
"We welcome Nitin back to HUL as the Non-Executive Chairman. He brings in huge knowledge and experience which will enrich the deliberations and add value to the Board," Mehta said.
He also thanked the Board for their unstinted support rendered to him during his tenure and added, "it has been an honour to have led the HUL Board over the past few years".