Unilever CEO Hein Schumacher To Step Down, Fernando Fernandez To Take Over

On Tuesday, consumer packaged goods major Unilever plc UL announced a leadership change. Hein Schumacher will step down from his position as CEO and Board Director by mutual agreement on 1 March 2025.

Schumacher will officially leave the company on 31 May 2025. Beginning 1 March 2025, Fernando Fernandez, who currently serves as Unilever's Chief Financial Officer, will assume the CEO role.

"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 programme and the commencement of the Ice Cream separation, both of which are fully on track," said Chairman Ian Meakins.

Unilever is in the process of separating its Ice Cream division through a demerger and list on the Amsterdam, London, and New York stock exchanges, matching the current markets where Unilever shares are traded.

Fernandez has built a notable career at Unilever, having previously held the position of President of Beauty & Wellbeing, one of the company's fastest-growing divisions.

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He has also managed Unilever's operations across Latin America, Brazil, and the Philippines, driving strong performance in these regions.

"The Board has been impressed with Fernando's decisive and results-oriented approach and his ability to drive change at speed," said Meakins.

As part of the leadership change, Unilever will initiate a search for a permanent CFO. In the interim, Srinivas Phatak, who is currently Unilever's Deputy Chief Financial Officer and Group Controller, will assume the role of acting CFO starting 1 March 2025.

The company confirmed that despite the leadership shake-up, Unilever's financial outlook for 2025 and medium-term guidance will not be altered.

Both Schumacher and Fernandez will continue to receive fixed pay, with Schumacher's pay being in place until his departure in May 2025, as per the company's remuneration policy.

Price Action: At the last check on Tuesday, UL shares were trading lower by 0.75% to $55.90.

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