Unilever has ousted chief executive Hein Schumacher, who has been little more than a year and a half at the helm, replacing him with finance chief Fernando Fernandez to speed up turnaround plans (Guardian). Shares in the Marmite maker closed down 57p, or 1.3%, after it said that Schumacher would step down (Times). “Fernando is a guy of pace and speed,” said a person familiar with the board’s thinking (Financial Times). It comes as Unilever attempts to reinvent itself following a decision to row back on its social purpose mission (Telegraph).
Farmers are warning of a “cashflow crisis” that has left many in the agricultural sector wondering how they will make it to the end of the year. It comes after years of rising costs, labour shortages and post-Brexit changes to support payments that have buffeted the sector (Guardian).
The impact of the budget and other regulatory changes are set to put one in ten part-time retail jobs at risk as retailers face “a mountain of costs”, according to the British Retail Consortium (Times). Fears of industry-wide job losses are mounting ahead of a £25bn increase in employer National Insurance in April (Telegraph).
Keurig Dr Pepper on Tuesday forecast annual profit above Wall Street expectations, after beating fourth-quarter revenue and profit estimates, aided by strong demand for its higher-priced beverages. The company expects mid-single digits growth in annual net sales, compared with estimates of a 5.6% rise (Reuters).
Starbucks is cutting 1,100 jobs globally and simplifying its menu in the US as it tries to improve flagging business in its home market (BBC). “Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,” according to chairman & CEO Brian Niccol (Independent). He has also said he is pushing changes to improve store service times and experimenting with new ordering algorithms (Guardian).The job reductions are the first for Starbucks corporate workers since 2018 (Financial Times).
The number of convictions linked to a second Post Office IT scandal being investigated for miscarriages of justice has more than doubled. Twenty-one Capture cases have now been submitted to the Criminal Cases Review Commission for review (Sky News).
Women CEOs are subjected to far higher levels of personal scrutiny than their male counterparts, a new survey claims today. Headhunter Russell Reynolds Associates looked at news coverage of hundreds of company bosses across Europe, the UK and the US, with women making up 9.2% of the total (Standard).
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