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The Unilever chief executive, Hein Schumacher, has stepped down after just over a year and a half in the job and will be succeeded by the consumer goods company’s finance chief.
In a surprise announcement, the maker of Knorr, Marmite, Dove and Ben & Jerry’s said Schumacher would relinquish the role on 1 March and leave the company on 31 May.
Fernando Fernandez, the company’s chief financial officer, has been promoted to chief executive from the start of March. Before he became finance chief in January last year, he ran beauty and wellbeing, one of Unilever’s fastest-growing businesses. He previously headed the Latin America, Brazil and Philippines divisions.
The Unilever chair, Ian Meakins, thanked Schumacher 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”.
He added: “The growth action plan has put Unilever on a path to higher performance and the board is committed to accelerating its execution.”
Schumacher pushed through a productivity programme and began the spin-off of the ice-cream business, both of which are fully on track, Meakins said.
Unilever has chosen Amsterdam for the primary listing of the division, in the latest blow to the London stock market. It makes some of the world’s top-selling ice-cream brands, including Wall’s, Magnum and Ben & Jerry’s, as well as Cornetto, Viennetta, Carte d’Or and Breyers.
Meakins added: “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 growth action plan 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.”
The chair said “there is much further to go to deliver best-in-class results”.
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.”
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He will receive his fixed pay of €1.85m (£1.53m) until 31 May and is in line for a payment in lieu for the remainder of his notice period. He will be treated as a “good leaver” regarding his outstanding incentives.
Fernandez said: “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.”
He will receive fixed pay of £1.8m, slightly less than his predecessor, as well as an annual cash payouts and long-term share bonuses.
Srinivas Phatak, the Unilever deputy chief financial officer and group controller, will become acting chief financial officer until a permanent replacement is found.
