New Delhi: “HUL is an emotion that has been a big part of me for the last ten years, a sentiment that my wife Mona Mehta and I will forever cherish,” Sanjiv Mehta, the previous CEO and MD of Hindustan Unilever Limited, wrote on LinkedIn as he waved goodbye to the FMCG giant and turned the reins on to Rohit Jawa. Sanjiv Mehta announced his retirement from the firm on June 26 following HUL’s 90th annual general meeting, and Rohit Jawa assumed company leadership on June 27.
In an emotional essay on LinkedIn, Mehta reflected on his ten years with the company, encouraging his successor and his staff as he left a legacy of expansion, innovation, and social impact. However, he anticipates his upcoming innings. “Many of you have been asking me how I feel about leaving HUL, and the fact is, parting is such sweet sorrow – the enjoyable part is I look forward to my next innings, and of course, the sad part is the Goodbyes. As I sign off, I take comfort in the fact that I’m leaving HUL, making it stronger than before and our impact on society and India much larger,” stated the post.
He further wrote, “I also express my profound appreciation for the unwavering dedication and the unputdownable spirit of the people of HUL and everyone who has been part of my journey. All our people gave their best to me, and today, I celebrate each of them. With gratitude, I bid farewell to my workplace and karma bhumi.”
He mentioned the company’s “impressive performance” during the AGM FY 2022-23. “In a challenging macroeconomic environment, marked by geopolitical uncertainties, high commodity inflation and tepid market growth, we delivered yet another year of strong results. We kept our focus laser sharp on meeting the evolving needs of our consumers and at the same time, protecting our business model,” he said while addressing the shareholders.
HUL reported a revenue of Rs 58,154 crore for the fiscal year, up 16% from the previous year and a 2X increase over the last ten years. The FMCG company reported a profit after taxes of Rs 9962 crore, an increase of 13% yearly and a 3X rise over the prior ten years. Despite the extraordinary inflation during the year, the EBITDA margin held steady at 23.4%. “The Board of Directors proposed a final dividend of Rs 22 per share, subject to shareholders’ approval at the AGM. With an interim dividend of Rs 17 per share, the total dividend for the year amounts to Rs 39 per share, an increase of 15 per cent vs FY’22,” he said.
In his remarks at the AGM, Sanjiv Mehta exhibited confidence in HUL’s growth strategies in a constantly changing and demanding setting. “In the future, in a rapidly changing and challenging business environment, I truly believe that our clear and compelling Compass strategy, underlined by our purpose to make sustainable living commonplace, will hold us in good stead, making us more resilient and agile. I want to thank our people who tirelessly work in our offices, our factories, our salesforce and the extended value chain for making us the number one FMCG business in India over the years,” he said.