Unilever CEO Hein Schumacher is stepping away from the top job later this week in a surprise exit from the consumer goods giant.
He will be replaced by Fernando Fernandez, Unilever’s current chief financial officer.
Schumacher joined in July 2023 and is leaving by mutual agreement, the company said.
He will step down as CEO on 1 March and leave the company on 31 May.
Unilever has undergone a significant turnaround since Schumacher took over, spinning off its €8bn ice cream business and launching an €800m cost-saving programme to simplify the business.
Schumacher has previously said he wanted to be more deliberate with the company’s “rather eclectic portfolio of food brands”.
But despite its simplified model, difficulties remain. In its latest full-year results announced last week, Unilever said its underlying sales grew 4% in 2024, falling short of the 4.1% forecast by analysts.
Announcing Schumacher’s departure, Unilever chairman Ian Meakins said the board was pleased with the performance in 2024 but “there is much further to go to deliver best-in-class results”.
He thanked Schumacher for “resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024.”
While there have been a few hiccups, investors have generally warmed to Schumacher’s growth plan, with Unilever’s share price up around 10% since he took over.
Schumacher said: “It has been a privilege to lead Unilever. We have made real progress and I am proud of what we have achieved in a short period of time.”
Fernandez will step up from CFO having held roles across Unilever including president of beauty & wellbeing, president of Latin America, CEO of Brazil, and CEO of the Philippines.
He said: “Our focus will be on building a future-fit portfolio with an attractive growth footprint and delivering unmatched functional and perceivable superiority across our top 30 power brands.”
The recruitment process is now underway to find a permanent CFO. Srinivas Phatak, Unilever’s current deputy CFO and group controller, will take the role in the interim.
Unilever said there is no change to its 2025 outlook or the company’s medium-term guidance.
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