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Unilever has replaced chief executive Hein Schumacher with chief financial officer Fernando Fernandez, as the struggling consumer goods group steps up efforts to revive its fortunes.
Schumacher, who has led the group since July 2023, will step down by “mutual agreement” on March 1, Unilever said on Tuesday.
The abrupt change comes as Unilever faces growing pressure from investors, including US activist Nelson Peltz, to improve its lacklustre performance.
It is in the middle of a wide-ranging restructuring initiated by Schumacher, including cutting 7,500 jobs and demerging its ice cream business.
The decision to remove Schumacher was taken at a board meeting on Monday, according to a person familiar with the matter, after the group’s directors concluded that Fernandez was “better suited” to execute the turnaround plan.
The person added that Fernandez was popular with investors and had impressed at Unilever’s capital markets day late last year.
Schumacher’s exit comes less than a month after its annual results disappointed investors, hitting its shares.
Unilever chairman Ian Meakins said: “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.”
Announcing the appointment of Fernandez, Meakins said: “The Board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed.”
Fernandez, who previously led Unilever’s beauty and personal care business, has been chief financial officer since early 2024.
This is a developing story
