HUL’s CFO Ritesh Tiwari Stays On, Company Dispels Speculation Over Global Move

Hindustan Unilever Limited or HUL has put to rest market wide rumors about its Chief Financial Officer, Ritesh Tiwari. While news had surfaced regarding his transition into a global position, HUL has clarified that Tiwari is still Executive Director and CFO, bringing stability to India's largest FMCG behemoth amidst other senior level changes.

 

Key Highlights

Rumors Debunked: In the wake of media speculations Ritesh Tiwari would resign as CFO to assume an international position with Unilever, HUL released a clarification that he continues to hold his present position as Executive Director, Finance & IT, and Chief Financial Officer.

 

Leadership Stability: The company announcement comes at a time when HUL is seeing some significant changes, including the appointment of Priya Nair as the new Managing Director and CEO in place of retiring Rohit Jawa, who has had a fairly short tenure.

 

Market Reaction: HUL stock surged nearly 4% on Friday as investors welcomed the assurance of continuity at the finance position and trusted the leadership team that was appointed.

 

Company Position: HUL highlighted its focus on talent building and giving leaders worldwide, broad-based exposure but reiterated that Tiwari's experience is still instrumental to the company's continuing business in India.

 

Background: Ritesh Tiwari is a veteran Unilever executive who has played different leadership positions in geographies and is known for driving digital transformation and performance management at HUL.

 

We continue to build leaders and talent at Unilever. Career progression with us entails providing our people with additional exposures and capabilities," HUL further added, underscoring its leadership development approach.

 

Source: CNBC-TV18, Reuters, HUL Corporate Website