By Reuters
Shares of India鈥檚 Hindustan Unilever closed 4.6% higher on Friday, a day after the Dove soapmaker named a senior executive at its parent Unilever with 鈥渁 strong track record鈥 as its chief executive.
Priya Nair, president of Unilever鈥檚 beauty and wellbeing business, will take over as CEO of HUL on August 1.
Nair 鈥渃omes with a strong track record,鈥 Citi Research said in a note, adding it will watch for any strategy refresh after a period of relatively 鈥渢ough performance鈥 by HUL.
Management changes in the Indian consumer space have led to share rallies and performance improvements at firms such as Godrej Consumer and Colgate-Palmolive India, Citi said.
Separately, Hindustan Unilever鈥檚 chief financial officer Ritesh Tiwari is likely to step down, CNBC-TV18 reported on Friday, citing sources. Tiwari would be moved to a global role, the report said.
HUL鈥檚 shares, rated 鈥渂uy鈥 on average, have shed a tenth since 2023, after nearly doubling in the prior six years.
The company has struggled to drive sales o