In a surprising leadership transition, consumer goods behemoth Unilever has announced the departure of CEO Hein Schumacher, less than a year after his appointment. Schumacher, who took the helm in July 2023, will officially step down in March and leave the company by May 31, according to a statement released on Tuesday.
The news marks a change of direction for the company’s management, with existing finance director Fernando Fernandez to become CEO. Fernandez is a veteran Unilever executive who has held senior positions at the company, such as President of the company’s Beauty & Wellbeing business and head of high-performing markets such as Brazil and the Philippines.His leadership has been instrumental in driving strong financial results and nurturing talent within the company.
Ian Meakins, Chairman of Unilever, expressed gratitude for Schumacher’s contributions, stating, “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. Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track.”
Schumacher’s exit comes by mutual agreement, marking an end to a short but impactful tenure. Reflecting on his time at the company, he remarked, “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.”
As Unilever prepares for this transition, the company has also appointed Srinivas Phatak, currently deputy chief financial officer and group controller, as acting CFO. This move ensures leadership continuity as the company forges ahead with its Growth Action Plan (GAP), a strategy designed to enhance performance and efficiency. With Fernandez at the helm, Unilever is set to embark on a new chapter, building on Schumacher’s groundwork while steering the company towards further innovation and growth.
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