LONDON and NEW YORK, June 23 /PRNewswire/ -- Clayton, Dubilier & Rice, LLC today announced that Manvinder ("Vindi") Singh Banga, former President, Foods, Home and Personal Care and member of the Unilever plc (NYSE: UL) Executive Board, will join the Firm as an Operating Partner based in London.
In his 33-year career at Unilever, Mr. Banga was responsible for a number of key business units and operational improvement initiatives. As a member of the Unilever executive board, Mr. Banga was instrumental in helping to transform Unilever's performance.
"Vindi has proven to be an inspired and energetic leader driving both growth and operational efficiency enhancements at a wide range of consumer products-related business, as well as effectively managing retail channels and large businesses in developing countries," said Donald J. Gogel, Chief Executive Officer of CD&R. "He shares our vision that private capital can be an agent of constructive corporate change and an engine for long-term value creation and we very much look forward to working with him."
"CD&R's history of incorporating strong management leadership skills into its investment activities is very appealing to me," said Mr. Banga. "Equally important is the Firm's high integrity culture and emphasis on transforming and improving businesses to generate investment returns."
"Vindi lends further strength to our global operating capabilities," said David A. Novak, a CD&R senior partner who leads the Firm's London office. "He will play an important role in helping us source new investments and enhance the performance of our portfolio businesses."
In 2005 Mr. Banga joined the Unilever Executive Board as President, Foods. In 2008 he was given additional responsibility for the Home & Personal Care categories. He led the creation of a One Unilever Global Foods, Home & Personal Care Global Category Organisation, which is now responsible for innovation and marketing mix development across 170 countries for all 270 Unilever brands, including 11 with more than euro 1bn in annual revenue. In addition, he was also responsible for Unilever's sustainability agenda.
In 2004 Mr. Banga was appointed President, Home and Personal Care Asia based in Singapore. In this role he was responsible for a euro 7bn business across North East Asia, China, South East Asia, Australasia and South Asia including India. Between 2000 and 2004, Mr. Banga served as Chairman and Managing Director of Hindustan Unilever Ltd (HUL), Unilever's operating company in India. Hindustan Unilever is India's largest consumer products company and one of the most valuable companies on the Indian stock exchange.
Mr. Banga has been on the Prime Minister of India's Council of Trade & Industry since 2004. In December 2009, Vindi was named India's Global Achiever at a CNBC-sponsored awards ceremony in New Delhi. In 2010 the President of India awarded him the Padma Bhushan, one of India's highest civilian awards. Mr. Banga is also a Non-Executive Director on the Board of Thomson Reuters.
CD&R's London-based Operating Partners include Fred Kindle (former president and CEO of ABB Ltd) and Roberto Quarta (former chairman and CEO of BBA Group plc). Jack Welch (former Chairman and CEO of GE) and A.G. Lafley (former Chairman and CEO of Proctor & Gamble) are Special Partners of the Firm.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice, LLC is a private equity firm with an investment strategy predicated on producing superior financial returns through building stronger, more profitable businesses. The Firm's professionals include a combination of financial and operating executives. Since inception, CD&R has managed the investment of more than $12 billion in 46 U.S. and European businesses representing a broad range of industries with an aggregate transaction value of approximately $70 billion and revenues of nearly $100 billion. The Firm is based in London and New York. www.cdr-inc.com.
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