Danone has suggested the name of Hindustan Unilever’s managing director Sanjiv Mehta as an independent member of its board. If approved at Danone’s shareholders’ meeting on 27th April, the appointment will mark the full renewal of the board.
Currently, Mehta is the CEO and managing director of India’s biggest consumer goods company HUL, a role he will leave on June 26, 2023. If agreed on, he will join Danone’s Board effective July 1, 2023. The company said Mehta is a high-caliber executive with in-depth knowledge of the consumer goods sector and diversified international expertise, particularly in Asian markets.
According to Gilles Schnepp, Chairman of Danone’s board of directors, the proposed appointment of Sanjiv Mehta is another positive step forward for Danone and will mark the swift and full renewal of Danone’s Board.
He added on, “Our board is fully engaged and ambitious; with the skills to further progress our strategic plan Renew Danone to create value for our shareholders and stakeholder community”. Mehta is also the president commissioner (non-executive chairman) of the listed company PT Unilever Indonesia Ptk and a director of the non-listed company Air India Limited.
Mehta, 62, took over as the MD and CEO of HUL in October 2013, leading the business through a period of sustained growth. During his decade at the helm, the business crossed the Rs 50,000 crore turnover marks and the market capitalization of the company increased more than four times from $17 billion to $75 billion (Rs 5.8 lakh crore), reinforcing HUL’s position as one of India’s most valuable businesses. Mehta oversaw the Indian business, outpacing Brazil to become the second-largest market behind the US in terms of sales for Anglo-Dutch consumer products giant Unilever. In addition, HUL’s operating margins are at their highest ever at 23.8% now, jumping nearly 8 percentage points over the past nine years, even as sales doubled.