Unilever CEO and board director, Hein Schumacher, is stepping down on 1 March after less than 2 years in the job, a decision the company said was “by mutual agreement”. He will leave the company on 31 May. The position will be filled from March onwards by current Unilever CFO and executive director, Fernando Fernandez.
Unilever chairman, Ian Meakins, said he would like to thank Schumacher on behalf of the board for his work resetting the company’s strategy and the solid financial progress delivered during 2024.
Source: Unilever
“Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track,” said Meakins.
“The Growth Action Plan (GAP) has put Unilever on a path to higher performance and the Board is committed to accelerating its execution. We are grateful for Hein’s leadership, and we wish him the very best for the future.”
The past year has involved some big decisions from Unilever. In March 2024, the board announced it would cut 7000 jobs from the company globally, and separate the ice cream business because of its poor performance and significantly different manufacturing processes to the rest of the company.
Under pressure from shareholders to cut costs, Unilever released a revised sustainability strategy in April, which Schumacher describes as “unashamedly realistic”, and came under fire for its drastically reduced commitments.
The company’s yearly financial results were announced on 13 February, which led to a drop in share pricing of up to 9 per cent, and took a smaller hit on the announcement of Schumacher’s departure. Unilever stated there was improved performance across all Business Groups, led by volume growth and gross margin expansion.
“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,” said Schumacher.
“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.”
CFO steps in
Prior to becoming CFO in January 2024, Fernandez was Unilever President of Beauty & Wellbeing, and previously employed as President Latin America, CEO Brazil, and CEO Philippines.
Meakins said the board has been impressed with Fernandez’s track record and portfolio management, as well as his ability to drive change at speed.
“While the board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results,” said Meakins.
“Having worked with Fernando closely over the last 14 months, the board is very confident in his ability to lead a high performing management team, realise the benefits of the GAP with urgency, and deliver the shareholder value that the company’s potential demands.”
Unilever is conducting an internal and external search process to appoint a permanent CFO in Fernandez’s place. Current deputy CFO and group controller, Srinivas Phatak, will step in as acting CFO from 1 March in the interim.
“Being appointed as CEO of Unilever is an honour. 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,” said Fernandez.
“I have full confidence in our team's ability to propel Unilever to a global industry-leading position and create substantial value for our shareholders. I would like to thank Hein for his values-led leadership and the performance focus he has brought to the business. I wish him every success for the future.”
Unilever stated there is no change to the company’s 2025 outlook or the company’s medium-term guidance.
