Friday, Feb 11, 2005
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By Our Special Correspondent
LONDONMUMBAI, FEB. 10.FEB. 10. The Anglo-Dutch consumer goods giant Unilever swept away its dual-management structure on Thursday and reported a return to sales growth in the fourth-quarter amid largely flat 2004 earnings. The Dove soap and Lipton tea maker, which shocked markets with a profit warning in September, plans to end its 75-year history of two chairmen and two boards, answering critics who said its dual structure made it slow to respond to competition. The Dutch co-chairman, Antony Burgmans, will become non-executive chairman while Frenchman, Patrick Cescau, the U.K. co-chairman, becomes group chief executive. But the group stopped short of creating one share listing and one headquarters to emulate the plans of fellow Anglo-Dutch pairing Royal Dutch/Shell Group, which did away with its dual structure last year. Instead, Mr. Burgmans will lead a review of group structure to include looking at the need for two headquarters, in London and Rotterdam, and two share listings, in the U.K. and the Netherlands. Mr. Burgmans indicated he would retire as non-executive chairman in 2007 and be replaced by someone from outside Unilever. — Reuters
Banga elevated
LONDONMUMBAI, FEB. 10.FEB. 10. M. S. Banga, Business Group President of Unilever's Asian Home and Personal Care (HPC) business and non-executive Chairman of Hindustan Lever Limited (HLL), has been elevated to Unilerver's new apex management committee, the Unilever Executive. He will now be President (Foods). The Executive Team is headed by the new group chief Executive (Patrick Cesar), and comprises the President (Foods), President (Home and Personal Care), three regional presidents for Europe, the Americas, and Asia and Africa, the Chief Financial Officer and the Chief Human Resources Officer. The Executive Team replaces the existing Executive Committee and the divisions. Mr. Banga will continue as Non-Executive Chairman of Hindustan Lever Limited (HLL) for now.
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