Hindustan Unilever on Thursday named Priya Nair as managing director and CEO, replacing Rohit Jawa well before the completion of his five-year term as the company's chief.

Jawa, who began his career at HUL, called the opportunity to return and lead the company a “humbling and enriching experience.” Welcoming his successor, he wrote in a LinkedIn post, “Now feels like the right moment to pass on the baton to Priya Nair.

Priya Nair will lead Hindustan Unilever from August 1, becoming its first Indian woman CEO. Market reacted positively, with HUL shares rising 4.6%. Analysts expect strategic changes as HUL counters stiff competition in beauty,