Unilever stunned investors with the announcement of CEO Hein Schumacher’s departure, just months after he took over the role in July 2023. Schumacher will step down as CEO and board director next month, with his complete exit from the company set for May 31. Unilever characterized the decision as mutual.
Effective March 1, Unilever’s CFO, Fernando Fernandez, will take over as CEO. Despite the leadership change, the company has reaffirmed its 2025 outlook and medium-term guidance.
Chairman Ian Meakins lauded Fernandez for his “decisive and results-oriented approach,” noting that he will focus on executing Unilever’s growth strategy.
Schumacher, who took the helm amid mounting investor pressure to improve performance, reflected positively on his tenure, citing progress in implementing a strategic reset, including a portfolio overhaul and cost-cutting measures. However, Unilever’s restructuring efforts faced challenges, particularly its attempts to exit certain categories like plant-based meat.
The leadership change raises fresh concerns about Unilever’s ability to accelerate growth, especially as it contends with challenges like supply chain disruptions, rising commodity prices, and a cost-of-living crisis that has driven consumers toward cheaper alternatives.
Unilever’s stock has shown a slight dip, down 1.3% as of the latest trading data, with its market cap at £113.01 billion ($225.57 billion).
Source: Unilever Press Release, Financial Times
Unilever-Haus Hamburg Marco Polo-Tower Picture by ChristianSchd on Wikimedia CC-BY-SA-3.0
