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Unilever has replaced chief executive Hein Schumacher with chief financial officer Fernando Fernandez, as the struggling consumer goods group steps up efforts to revive its fortunes.
Schumacher, who has led the group since July 2023, will step down by “mutual agreement” on March 1, Unilever said on Tuesday. Fernandez has been chief financial officer since early last year.
The abrupt change comes as Unilever faces growing pressure to improve its lacklustre performance. The group is in the middle of a wide-ranging restructuring initiated by Schumacher, including cutting 7,500 jobs and demerging its ice cream business.
Unilever chairman Ian Meakins said: “I would like to thank Hein for resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024.”
Setting out the appointment of Fernandez, Meakins said: “The Board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed.”
This is a developing story