Shares of India's Hindustan Unilever closed 4.6% higher on Friday, a day after the Dove soapmaker named a senior executive at its parent Unilever with 'a strong track record' as its chief executive. Priya Nair, president of Unilever's beauty and wellbeing business, will take over as CEO of HUL on August 1. Citi Research noted that Nair 'comes with a strong track record,' adding it will watch for any strategy refresh after a period of relatively 'tough performance' 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, CNBC-TV18 reported, citing sources, that HUL's CFO Ritesh Tiwari was likely to step down and be moved to a global role. In an emailed response to Reuters, HUL said, 'Ritesh Tiwari continues to be the executive director, finance, IT & chief financial officer of the company,' adding that necessary disclosures would be made if there were any developments. HUL's shares, rated 'buy' on average, have shed a tenth since 2023, after nearly doubling in the prior six years. The company has struggled to drive sales over recent quarters, with average volume growth of just over 2%, as it faces stiff competition from nimble new-age brands. Nair will replace Rohit Jawa, who will step down less than two years into his five-year term. Jefferies said the company may need to bring global brands to India as it faces pressure in beauty, foods, soaps, and packaged tea categories. Reporting by Hritam Mukherjee and Meenakshi Maidas in Bengaluru and Praveen Paramasivam in Chennai; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala.

India's Hindustan Unilever jumps after appointing CEO with 'strong track record'

Hindustan Unilever (HUL) shares rose 4.6% after appointing Priya Nair, a senior executive from Unilever's beauty and wellbeing business, as its new CEO. Nair's appointment follows a period of 'tough performance' for HUL, which has struggled with sales growth and competition from new-age brands. The company's shares have declined since 2023, though they were rated 'buy' on average. HUL's CFO, Ritesh Tiwari, is likely to step down for a global role, though the company confirmed his continued role as executive director. Analysts suggest HUL may need to bring global brands to India to address challenges in key categories.