Last summer, Unilever announced it was moving from Englewood Cliffs to Hoboken. On Tuesday, the world’s sixth-largest consumer goods company announced an equally big move: It will move into its new spot with a new CEO.
The company announced that CEO Hein Schumacher is stepping down after less than two years on the job. Fernando Fernandez, Unilever’s chief financial officer, will take the top spot starting March 1.
Schumacher, who was hired in 2023 to overhaul the company and lead its Growth Action Plan, is leaving by mutual agreement, the company said.
“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,” Unilever Chairman Ian Meakins said in a statement.
“While the board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results. Having worked with Fernando closely over the last 14 months, the board is very confident in his ability to lead a high performing management team, realize the benefits of the GAP with urgency, and deliver the shareholder value that the company’s potential demands.”
Unilever owns many well-known brands including Dove soap, Hellmann’s mayonnaise and Vaseline. It owns Ben & Jerry’s ice cream, but it is in the process of spinning that off into its own business.
Schumacher did not comment. His departure, however, surprised analysts.
Diana Radu of Morningstar told CNBC the company seemingly had been doing well.
“There’s nothing in the company’s recent performance to warrant such a move,” she said. “In fact, Unilever has delivered a strong 18-month period under his leadership, marked by greater focus and disciplined execution.”
Matt Britzman of Hargreaves Lansdown said there could be a benefit.
“This unexpected transition might be the spark that helps deliver a new version of Unilever that investors have long been waiting for,” he said.
