By Chandini Monnappa and Kashish Tandon
(Reuters) -Hindustan Unilever on Thursday named Priya Nair as managing director and CEO, replacing Rohit Jawa well before the completion of his five-year term as the company’s chief.
Nair, who currently oversees a 13 billion euro ($15.19 billion) business as president of parent Unilever’s beauty and wellbeing division, will take over on August 1 for a five-year term, the maker of Dove soap said in a stock exchange filing.
Hindustan Unilever is grappling with slower consumer spending and intense competition from home-grown and international players for a slice of the burgeoning sector, with the company banking on its ASPIRE programme to reignite growth amid rising living costs and sluggish wage gains.
Jawa leaves Unilever on July 31 after more than 37 years with the London-listed company and exits its Indian unit barely two years into his five-year term as CEO and MD.
Since taking charge in late June 2023, the company’s shares have slid 9% as of Thursday’s close.
“HUL has had a tough time in being able to build their beauty and personal care portfolio under Rohit Jawa’s tenure and has lagged the industry in this space,” said Akshay D’Souza, an independent marketing consultant.
He added that Nair, with her past experience, is best suited for the role.
($1 = 0.8559 euros)
(Reporting by Chandini Monnappa and Nandan Mandayam in Bengaluru; Editing by Savio D’Souza and Anil D’Silva)
