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Unilever expelled CEO Hein Schumacher less than two years later and replaced him with Chief Financial Officer Fernando Fernandez to strengthen the consumer goods group’s efforts to revive the property. .
Schumacher, who has been leading the group since July 2023, will step down on March 1 by a “mutual agreement,” Unilever said Tuesday.
As Unilever is experiencing increasing pressure from investors, including US activist Nelson Peltz, abrupt changes will occur to improve its unshiny performance.
This is amid the midst of a widespread restructuring launched by Schumacher, including cutting jobs of 7,500 people and ordering an ice cream business.
The decision to remove Schumacher will be made at the board meeting on Monday after the group director concluded that it was “suitable” to implement the turnaround plan. Ta.
The person added that Fernandez was popular with investors and was impressed by Unilever’s capital market day late last year.
Argentina’s Fernandez, who had been in Unilever for almost 40 years, previously led the group’s beauty business. He took over as Chief Financial Officer in early 2024.
Unilever Chair Ian Meakkins said: “The board was impressed with Fernando’s decisive, outcome-oriented approach and ability to drive change with speed.”
Schumacher’s exit comes less than a month after calming down the outlook for disappointing investors in annual results and growth. Analysts said the company’s divisions missed its target in the fourth quarter.
Meakins said: “Thank you to Hein for resetting Unilever’s strategy. The focus and discipline he brought to the company, as well as the solid financial advances he provided in 2024.”
Schumacher said in November it sold a smaller, less-performing food brand, with revenues reaching around £1 billion. This can include plant-based food brands of vegetarian butchers, pot noodles, marmite and even Colman.
Unilever’s shares slipped 2% in early trading on Tuesday as investors exhausted the news.
Schumacher will leave the group on May 31st.
