Hindustan Unilever splits Chairman and CEO roles to boost governance standards

Hindustan Unilever Ltd. announced plans to separate the roles of chairman and chief executive officer as Unilever Plc’s India unit seeks to boost governance standards.

In consonance with emerging, progressive governance trends, HUL today announced the separation of position of Chairman and CMD roles, the company said in a filing.

Nitin Paranjpe, currently the chief operating officer of Unilever, will be taking over as the non-executive chairman of the Indian subsidiary while Sanjiv Mehta will continue as the chief executive and the managing director, Hindustan Unilever said in an exchange filing Thursday. The change will be effective from March 31.

The maker of Hellmann’s mayonnaise and Dove soaps is seeking to bolster corporate governance standards after posting quarterly profits last month that met analyst expectations despite cost pressures.

The board has also decided to seek consent of the…

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