Mumbai: Hindustan Unilever on Thursday said its long-serving non-executive chairman Harish Manwani would retire in June and Sanjiv Mehta, current managing director and CEO, would succeed him.

Manwani (64) has decided to retire and not seek re-appointment at the forthcoming annual general meeting of the company to be held in June, Hindustan Unilever said in a regulatory filing.

He took over as the non-executive chairman of Hindustan Unilever in July 2005 and oversaw a period of sustained growth, with the business nearly tripling in size, and Hindustan Unilever reinforcing itself as one of India's most admired companies, the company said in a statement.

Manwani first served as executive director on the board and thereafter as non-executive chairman for the past 13 years.

Hindustan Unilever said its board had also, subject to shareholders' approval, re-appointed Mehta as the managing director and CEO for another period of five years after the completion of his present term in October 2018.

Mehta was appointed as MD and CEO in October 2013 for a period of five years. He will be re-designated as chairman and managing director after the conclusion of the June meeting.

The company said its board had decided that the tenure of Mehta as chairman shall be till March 2020 keeping in view the recommendation of the Kotak panel on corporate governance to separate the position of the chairman and the managing director effective April 2020 for top 500 companies by market capitalisation.

"The company has taken note of Sebi's recent decision to accept the recommendation of the Kotak Committee. The HUL board will ensure compliance with the new regulation of the separation of the two positions by April 2020," a company statement said.

Manwani is regarded as one of the most successful leaders of Hindustan Unilever.

He had strongly argued that challenges businesses face today could only be addressed through the "4G sustainable growth model" of competitive, consistent, profitable and above all, responsible growth.

This model has become a strong focal point for Hindustan Unilever and is central to the company's business strategy, it said.

Commenting on the development, Mehta said, "Harish leaves behind a legacy that few will be able to match. He has lived the values that make Hindustan Unilever such a great company. Through his passion, commitment and endless energy, he leaves a lasting impact on the business. I will personally miss his leadership and wise counsel."