Manwani (64) has decided to retire as the non-executive Chairman of the company and not seek re-appointment at the forthcoming annual general meeting of the company to be held in June, HUL said in a regulatory filing.
He took over as the non-executive Chairman of HUL in July 2005 and oversaw a period of sustained growth, with the business nearly tripling in size, and HUL reinforcing itself as one of India’s most admired companies, the company said in a statement.
Manwani first served as Executive Director on the board and thereafter as non-executive chairman for the past 13 years.
HUL further said its board has also, subject to shareholders approval, re-appointed Mehta as the Managing Director and CEO for another period of five years post the completion of his present term in October 2018.
Mehta was appointed as MD and CEO in October 2013 for a period of five years.
He will be re-designated as Chairman and Managing Director after the conclusion of the AGM.
The company further said its board has decided that the tenure of Mehta as Chairman shall be till March 2020 keeping in view the recommendations of Kotak Committee on corporate governance to separate positions of Chairman and MD effective April 2020 for top 500 companies by market capitalisation.
“The HUL Board will ensure compliance with the new regulation of separation of the two positions by April 2020,” the statement added.
Manwani is regarded as one of the most successful leaders of HUL.
He had strongly propagated that challenges businesses face today, could only be addressed through the ‘4G sustainable growth model’ of competitive, consistent, profitable and above all, responsible growth.
This model has become a strong focal point for HUL and is central to the company’s business strategy, the company said.
Commenting on the development, Mehta said, “Harish leaves behind a legacy that few will be able to match.He has lived the values that make HUL such a great company.Through his passion, commitment and endless energy, he leaves a lasting impact on the business.”