Paranjpe Nominated As New CEO Of HUL

Nitin ParanjpeHindustan Unilever (HUL) has made announcement about the major changes in the Management Committee of the company.

The company has nominated Nitin Paranjpe, currently Executive Director, Home & Personal Care, as the new Managing Director and CEO of the company.

The recent declaration makes the 44 years-old Paranjpe, the youngest CEO & MD of the country’s biggest FMCG company.

Douglas Baillie, now MD and CEO of HUL, has been brought up to join the Unilever Executive as the President, Western Europe.

Harish Manwani, chairman, HUL has been assigned additional responsibility. Now his mandate includes central and Eastern Europe in addition to his subsisting role as president, Asia & Africa.

While annunciating the shuffle, Harish Manwani, chairman of HUL, said: “The appointment of Nitin Paranjpe will be subject to approval of the shareholders in April this year. The changes reflect our strong commitment towards leadership development and our tradition of leveraging experiences and synergies of talent across Markets.”

Manvinder Singh 'Vindi' Banga, presently head of Unilever's food business, will take on added responsibility of the HPC business as part of the UEx. Ralph Kugler, who currently heads HPC, owes to leave in May 2008.  
Internationally, Unilever operations are parted region-wise into the Americas, Western Europe, Central and Eastern Europe and Asia-AMET (Africa, Middle East and Turkey) regions.

Shares of the company gained Rs 0.25, or 0.11%, to end at Rs 220.15. The total volume of shares traded was 2,289,268 at the BSE. (Thursday)