Banga will be replaced in May by Michael B. Polk who is currently president of the $18bn (£11.7bn) business in North America and Latin America.
Polk will be replaced by Dave Lewis, currently executive vice president of Unilever, UK & Ireland.
Banga has been with Unilever for 33 years led the creation of a One Unilever global foods, home and personal care global category organisation which is now responsible for innovation and marketing mix development for all Unilever brands
He was also a member of the Unilever Executive leadership team and was also responsible for the sustainability agenda for Unilever.
Paul Polman, Unilever CEO, says Banga was responsible for a “significant improvement in our innovation results, delivering bigger ideas with global scale, and he will leave a lasting impact on the company”.
He adds that Polk will “bring a great deal to the role”, including experience built up outside Unilever.
Polk previously spent 16 years at Kraft where he was a member of the management committee and group vice president of Kraft Foods North America and president of the biscuits, snacks, and confections business. He has also worked at Procter & Gamble in research & development.
Unilever chief marketing officer Simon Clift revealed recently that he is to leave the company and will be replaced by Unilever head of global homecare, oral care and water Keith Weed who will also take on responsibilities for communications.