Neutrogena-owner Kenvue names new CFO
Banati will succeed Paul Ruh, who will remain with the U.S. company for a "brief period" to help with a smooth transition.
As CFO, Banati will be responsible for overseeing the firm's finance and strategy verticals, in a bid to accelerate profitable growth and deliver value to shareholders.
A 30-year consumer products company finance and operations veteran, Banati most recently served as vice chairman and chief financial officer of Kellanova (previously Kellogg Company). Prior to that, he held finance and operating leadership roles at Kraft Foods (now Mondelez International), Cadbury Schweppes, and Procter & Gamble.
At Kraft Foods, Banati served as president, North Asia and Asia Pacific strategy, and led the integration of Cadbury and Kraft Foods for that region. At Cadbury Schweppes, he was president of the Pacific region, overseeing Australia, New Zealand, Japan and Singapore, and served previously as the company's chief financial officer of the Asia Pacific division.
Finally, at Procter & Gamble, he spent nearly 15 years in finance roles, rising to become chief financial officer of the Asean, Australia, India, Singapore region in the company's health and beauty Care division.
'We are thrilled to welcome Amit to Kenvue and look forward to leveraging his deep industry expertise and business transformation experience as we continue to focus on accelerating Kenvue's profitable growth and delivering value for shareholders,' said Thibaut Mongon, chief executive officer, Kenvue, which also owns the Aveeno, and Johnson's brands, among others.
'With much of the work to establish Kenvue as an independent company completed and our strengthened commercial and operational foundations in place, now is the right time for a CFO transition. Amit is a world-class executive with a proven track record across both financial and operational roles and the ideal person to further support our efforts to work differently and move faster and lead our Finance and Strategy organizations into the future.'
In 2024, the New Jersey-based firm reported flat sales of $15.5 billion for the full year ended December 29, on the back of softer-than-expected sales growth.
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