Paul Polman, Chief Executive Officer, Unilever, revealed that Hindustan Unilever Limited (HUL) is going to double its business growth in
In a meeting with the reporters at Lever House, the headquarter of Hindustan Unilever, Mr. Polman said that recession is not an excuse for business to go down. Instead, it has opened up new opportunity for the company. Consumers have stopped buying cars and television which means that they are going to spend money on daily necessities.
Mr.Polman said that there is tremendous opportunity for business in
Mr. Polman told reporters that his executives did not show any disbelief when he told them that he wanted to double the business growth in the region. Such high optimism reassured him that HUL was in a much better situation to face the current recession which he had predicted to continue for 18-24 months.
In order to survive the recession, HUL took necessary measures such as, freezing management pay, reducing travel budgets and manpower from 206,000 to 170,000 by the end of 2008, readjusting fixed components of salary and variable payments, accelerating cost savings through the appointment a global procurement officer to procure raw materials, scrapping previous sales margin targets and simultaneous release of products in different regions.
Hindustan Unilever Limited formerly known as Hindustan Lever Limited is
(This entry was originally published in March 2009)