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Unilever has ousted Hein Schumacher, managing director after less than two years, replacing him by the financial director Fernando Fernandez while the group of consumer goods intensifies the efforts to relaunch his fortune.
Schumacher, who has managed the group since July 2023, will resign by “the mutual agreement” on March 1, announced on Tuesday Unilever.
The sudden change occurs while Unilever faces an increasing pressure of investors, including the American activist Nelson Peltz, to improve his dull performance.
It is in the midst of a large restructuring initiated by Schumacher, in particular the reduction of 7,500 jobs and unleashing it his ice cream business.
The decision to withdraw Schumacher was made on Monday at a meeting of the board of directors, according to a person familiar with the issue, after the group’s directors concluded that Fernandez was “better suited” to execute the recovery plan.
The person added that Fernandez was popular with investors and impressed during the Unilever Capital Market Day at the end of last year.
Schumacher’s release occurs less than a month after its annual results have disappointed investors, hitting its shares.
The president of Unilever, Ian Meakins, said: “I would like to thank eh for resetting Unilever’s strategy, for the accent and the discipline he has brought to the company and for solid financial progress delivered in 2024. “
Announcing the appointment of Fernandez, Meakins said: “The board of directors was impressed by the decisive approach and focused on the results of Fernando and its ability to generate high -speed changes.”
Fernandez, who previously directed the beauty and personal care activities of Unilever, has been a financial director since the beginning of 2024. Schumacher will leave the group on May 31.
