Unilever CEO Hein Schumacher is set to step down after serving less than two years in the role. The announcement, made on Tuesday, revealed that Fernando Fernandez, the current chief financial officer, will succeed Schumacher effective March 1.
Schumacher, who took the helm in July 2023 with a mandate to overhaul the consumer goods giant, will officially relinquish his position as CEO and board director in March and depart from the company on May 31. Unilever stated that his departure was by mutual agreement.
Following the announcement, Unilever affirmed that its outlook for 2025 and medium-term guidance would remain unchanged. However, the company’s shares experienced a dip of approximately 1.6% by 12:29 p.m. in London.
“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,” Chairman Ian Meakins stated.
“While the Board appreciates Unilever’s accomplishments in 2024, we recognise that there is still significant work ahead to achieve exceptional results. Having collaborated closely with Fernando over the past 14 months, the Board is fully confident in his capacity to lead a high-performing management team, expedite the Growth Action Plan (GAP), and enhance shareholder value as the company strives to reach its potential,” Meakins added.
Srinivas Phatak, the current deputy CFO and group controller at Unilever, will assume the role of interim CFO as the company initiates internal and external searches to find a permanent replacement.
This leadership transition occurs as Unilever implements its Growth Action Plan, initiated in late 2023, which aims to reduce expenses while boosting sales and profitability. The company is also moving forward with plans to list its ice cream division, which includes brands like Ben & Jerry’s and Magnum, on the Amsterdam, London, and New York stock exchanges.
The separation is expected to be completed by the end of 2025. Moreover, Unilever plans to eliminate 7,500 roles, primarily in office settings, to improve operational efficiency through technology.