(Alliance News) - Unilever PLC on Thursday said Vittorio Colao has asked to step down from the board of the consumer products firm following his appointment as Italy's Minister for Technological Innovation & Digital Transition.
Colao is the former chief executive of telecommunications operator Vodafone Group PLC.
Unilever said that, following the board change, effective immediately, Andrea Jung will serve as chair of Unilever's Compensation Committee.
"Vittorio has brought a high degree of knowledge and insight to us in over five years on our board and has skilfully chaired our Compensation Committee. He will be greatly missed, and we wish him the best of success in his new role serving the Italian Cabinet," said Chair Nils Andersen.
Unilever shares were trading 0.5% lower in London on Thursday at 3,962.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Unilever (ULVR)
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