Unilever (ULVR.L) announced on Tuesday that chief executive Hein Schumacher will step down after less than two years in the role. He will be replaced by finance chief Fernando Fernandez.
Schumacher’s departure comes just weeks after the company reported disappointing full-year earnings and decided to list its ice cream business primarily in Amsterdam instead of London or New York.
Last year, Schumacher implemented a reset of the group’s strategy to tackle years of underperformance. He also announced cost-cutting measures, which included separating the ice cream division and laying off thousands of employees.
Unilever, which owns brands like Hellmann’s mayonnaise, Dove soap, and Ben & Jerry’s ice cream, stated that there would be no changes to its 2025 outlook or medium-term forecast. The board remains committed to “further accelerating” Schumacher’s growth plan.
Schumacher joined Unilever in July 2023 and will step down as CEO in March. He will leave the company on May 31, departing by mutual agreement, according to the company.
Fernandez, who served as finance chief for a year, previously held positions such as President of Latin America and CEO of Brazil.
Srinivas Phatak, currently Unilever’s deputy chief financial officer and group controller, will take on the role of acting CFO while the company searches for a permanent replacement.
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