Unilever CEO Hein Schumacher To Step Down In Surprise Exit

Unilever Plc Chief Executive Officer Hein Schumacher will step down in a surprise move after less than two years in charge of the consumer goods business.

The Anglo-Dutch maker of Dove soap and Ben & Jerry’s ice cream said he will be replaced by Fernando Fernandez, who is currently chief financial officer and before that held roles including heading up its Latin American division and its beauty and wellbeing unit, one of the company’s fastest-growing businesses.

Schumacher took over from Alan Jope in July 2023, at a time when investor confidence in the group was low. The Dutch executive kicked off a shakeup that includes plans to spin off its ice-cream business and cutting costs. He has also been trying to shift away from price-led growth where possible after a period of high inflation, focusing on expanding volumes.

Shares of Unilever have risen 9.4% during his tenure. The CEO change will take effect in March, with Schumacher leaving the company on May 31.

Schumacher’s efforts have been challenged by weak consumer sentiment in China and the US — key markets for the maker of Hellmann’s mayonnaise and Knorr stock cubes.

Earlier this month Unilever said it will list its ice cream unit primarily in Amsterdam, with London and New York getting secondary listings when the business is spun off this year. It also reported a 4% increase in underlying sales in the fourth quarter, narrowly beating guidance, and said profit should improve modestly in 2025.

The company said there is no change to guidance for 2025.

Unilever Chairman Ian Meakins said the decision for Schumacher to leave was mutual and hailed Fernandez’s “decisive and results-oriented approach.”

“While the board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results,” he added in a statement Tuesday.