Fernando Fernandez has been elevated to the position of CEO by Unilever as Hein Schumacher bows out as CEO on 1st March within days, 18 months after joining the company.
This was announced in a statement sent to the London Stock Exchange earlier today. The consumer goods giant said Schumacher will relinquish the CEO role on 1 March and officially leave on 31 May.
Fernando Fernandez, the current Finance Chief was only promoted to CFO in January 2024 after heading up Unilever’s beauty and wellness division.
While an internal and external search for a replacement CFO is initiated, Srinivas Phatak, Unilever’s Deputy Chief Financial Officer, will take over from Fernandez.
Schumacher is leaving the Knorr brand maker after putting in place a Growth Action Plan (GAP), alongside a productivity programme to realise €800m ($838.2m) in cost savings.
The outgoing Unilever CEO has also overseen the planned demerger of the ice cream business, which is slated to be spun off by the year-end with a trio of listings in London, Amsterdam and New York.
He has also made several brand disposals to simplify Unilever’s operational structure, mainly with the divestment of some Dutch product lines, along with potentially selling The Vegetarian Butcher meat-free business.
Commenting on Schumacher’s departure, Unilever chairman Ian Meakins 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.
“Hein introduced and led a significant productivity programme 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.”
Meakins added concerning Fernandez’s appointment, “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, realise the benefits of the GAP with urgency, and deliver the shareholder value that the company’s potential demands.”
Unilever, meanwhile, reaffirmed its financial outlook for 2025 and its medium-term guidance today. USG is expected within the 3-5% range in the new year, while the mid-term outlook is 4-6%.
Meakins further explained, “The board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed. He partnered in the development of the GAP and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.”
On his part, Schumacher said, “It has been a privilege to lead Unilever. We have made real progress and I am proud of what we have achieved in a short period. With a clear strategy, a portfolio reset in motion and a strong leadership team in place, I look forward to seeing Unilever move from strength to strength in the future.”