Unilever CEO Hein Schumacher to Step Down After Less Than Two Years, CFO Fernando Fernandez to Take Over.
Unilever's chief executive, Hein Schumacher, will leave the company on March 1, 2025, after less than two years in the top role. His departure, described as “by mutual agreement,” follows a series of significant strategic shifts at the consumer goods giant.
New Leadership: CFO Fernando Fernandez to Take Over
Schumacher’s successor will be Fernando Fernandez, who was recently appointed CFO in January 2024. Prior to that, Fernandez served as president of Unilever’s beauty and wellbeing division. He takes the helm during a period of transformation, which includes job cuts and restructuring efforts aimed at revitalizing the business.
Unilever’s Challenges and Strategy
Under Schumacher’s leadership, Unilever initiated a major turnaround plan, including the reduction of 7,500 jobs and the divestiture of several brands. The company also began separating its ice cream division, including Ben & Jerry’s and Wall’s, through a planned stock market listing. Despite these efforts, Unilever has faced increasing pressure from activist investors and underwhelming performance, particularly following disappointing annual results.
What Lies Ahead for Unilever?
While Fernandez is expected to continue Schumacher’s strategic initiatives, analysts remain cautious about the company’s prospects. Chris Beckett, equity research head at Quilter Cheviot, noted that the recent leadership change signals deeper challenges at Unilever. However, with Fernandez's respected leadership, the company hopes to regain momentum and address the performance issues plaguing the brand.
