Manvinder (Vindi) Singh Banga, former member of the Unilever executive board, is making a transition from the corporate world to private equity in his next career innings. Clayton, Dubilier & Rice, LLC (CD&R), a private equity firm which has managed the investment of more than $12 billion in 46 US and European businesses, has announced that Banga would join the firm as an operating partner based in London.
Banga will join several other iconic corporate CEOs at CD&R which lists Fred Kindle (former president and CEO of ABB Ltd) and Roberto Quarta (former chairman and CEO of BBA Group plc) as operating partners and Jack Welch (former Chairman and CEO of GE) and A.G. Lafley (former Chairman and CEO of Proctor & Gamble) as Special Partners at the firm.
Vindi Banga, who led an illustrious 33-year career at Unilever, has been credited with transformational accomplishments at the global FMCG major.
"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, said in a statement. "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."
As a member of the Unilever executive board, Mr. Banga was instrumental in helping to transform Unilever's performance. In 2005, 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 1 billion in annual revenue.
In 2004, Banga was appointed President, Home and Personal Care Asia based in Singapore. In this role he was responsible for a Euro 7-billion business across North East Asia, China, South East Asia, Australasia and South Asia including India. Between 2000 and 2004, 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, the press statement said.
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