Consumer goods giant Unilever said Hein Schumacher will step down as CEO and be replaced by finance chief Fernando Fernandez.
Schumacher, who joined in July 2023, will step down as CEO in March and will leave the company on 31 May, the company said in a statement.
He is leaving by mutual agreement, it added.
Hein 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.
“With a clear strategy, a portfolio reset in motion and a strong leadership team in place, I look forward to seeing Unilever move from strength to strength in the future.”
Srinivas Phatak, currently Unilever's deputy chief financial officer and group controller, will become acting CFO, it said.
"We are gobsmacked at the news that Unilever's very highly regarded CEO Hein Schumacher is to step down after a very successful 18 months in charge," RBC Capital analyst James Edwardes Jones said in a note.
Fernando Fernandez
Fernandez is a company veteran and served as the president of Beauty & Wellbeing, one of Unilever’s fastest growing businesses, before being named finance chief in January 2024.
In previous roles as president of the Latin American unit, and CEO of Brazil and Philippines, he led some of the company’s best performing markets, delivering strong financial results while developing exceptional talent, Unilever added.
Fernandez stated, “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.
“I have full confidence in our team's ability to propel Unilever to a global industry-leading position and create substantial value for our shareholders.”
Commenting on the management change, Unilever chair Ian Meakins said, “On behalf of the board, I would like to thank Hein 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.
“The board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed. He partnered in the development of the GAP and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.”
News by Reuters, additional reporting by ESM.
