Unilever CEO Hein Schumacher to step down after less than 2 years

Unilever on Tuesday announced that its CEO, Hein Schumacher, will be stepping down on 1st March after less than two years in the role

The company announced on Tuesday that Schumacher will be leaving by "mutual agreement".

The announcement comes shortly after Unilever, whose brands include Ben & Jerry's ice cream and Dove soap, reported a sharp decline in profits for 2024.

The British consumer goods giant revealed that finance chief Fernando Fernandez would take over as the new CEO.

"While the board is pleased with Unilever's performance in 2024, there is much further to go to deliver best-in-class results," chairman Ian Meakins said in a statement.

Following the news, Unilever shares fell by three percent on London's FTSE 100 index, even as the broader market traded higher.

Schumacher took over as CEO in 2023, succeeding Alan Jope, who faced criticism from activist investors over a failed takeover bid. In an effort to revive growth, Schumacher launched major restructuring, including thousands of job cuts and plans to spin off the company’s ice cream division.

However, his tenure was marked by two consecutive years of disappointing results, with profits impacted by Unilever’s exit from Russia and other restructuring costs.

Despite the setbacks, Meakins said Schumacher’s strategy had "put Unilever on a path to higher performance," and the board was committed to accelerating its execution.

Fernandez, who served as Unilever’s chief financial officer for just over a year, will take the helm as the new CEO next month.

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