Unilever CEO Hein Schumacher has unexpectedly announced his resignation, departing less than 18 months into the role.
The departing CEO will be succeeded by current Chief Financial Officer Fernando Fernandez, who will assume the role on 1 March.
Schumacher will step down at the end of February and officially leave the company on 31 May.
Fernandez was appointed CFO in January last year, having previously led Unilever’s beauty and wellbeing division, one of its fastest-growing sectors. He has also overseen the company’s operations in Latin America, Brazil, and the Philippines.
Announcing the news, Unilever chairman Ian Meakins says: “On behalf of the Board, 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.”
“Hein introduced and led a significant productivity program and the commencement of the Ice Cream separation, both of which are fully on track. The Growth Action Plan (GAP) has put Unilever on a path to higher performance, and the Board is committed to accelerating its execution. We are grateful for Hein’s leadership, and we wish him the very best for the future.”
Schumacher will continue to receive his fixed salary of €1.85 million until his departure, nearly 18 months after assuming the role in July 2023. He will be classified as a 'good leaver,' ensuring eligibility for his outstanding incentives.