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Unilever has removed the chief executive Hein Hein Schumacher after less than two years, replacing him with leading financial official Fernando Fernandez while the consumer goods group increases efforts to revive his fate.
Schumacher, who has led the group since July 2023, will withdraw from the “mutual agreement” on March 1, Unilever said on Tuesday.
The unexpected change comes as Unilever faces increased pressure from investors, including US activist Nelson Peltz, to improve his incorrect performance.
It is in the midst of a broad restructuring initiated by Schumacher, including cutting 7,500 jobs and destroying its ice cream business.
The decision to remove Schumacher was made at a board meeting on Monday, according to a person acquainted with the case, as the group directors concluded that Fernandez was “more convenient” to execute the turn plan.
The person added that Fernandez was acquainted with investors and impressed on the day of the UNILEVER capital markets at the end of last year.
Fernandez, a Argentine who has been in Unilever for nearly 40 years, previously run the group’s beauty business. He undertook as the main financial official in early 2024.
Unilever Ian Meakins President said: “The board has been impressed with the crucial and -oriented approach to Fernando’s results and its ability to promote changes rapidly.”
Schumacher’s exit comes less than a month after his annual results and silent perspective for disappointed growth investors. Analysts said each of the company’s divisions had lost their target in the fourth quarter.
Meakins said: “I would like to thank Hein for the restoration of the UNILEVER strategy, for the focus and discipline he brought to the company and for the strong financial progress given during 2024.”
Schumacher said in November that he will sell smaller and weaker food brands, reaching about £ 1 billion in income, which may include anything from vegetarian butchers of plant -based food, to Pot Noodle , Marmite and Colman’s.
Shares in Unilever dropped 2 percent in the early trade on Tuesday while investors dissolved the news.
Schumacher will leave the group on May 31.
