Unilever’s CEO Hein Schumacher has suddenly resigned. On Tuesday (February 25), the company announced in a statement that Unilever’s Chief Financial Officer, Fernando Fernandez, will replace Schumacher. Fernandez will take over his new responsibilities starting March 1.
Unilever Chairman Ian Meakins stated in the announcement that the board was impressed by Fernando’s effective and results-oriented approach and his ability to drive rapid transformation.
Meakins also mentioned that the board has strong confidence in Fernandez’s leadership skills, believing he can lead a high-performance management team and quickly capitalize on growth plans to meet shareholder expectations.
Meanwhile, Matt Britzman, a senior equity analyst at financial services company Hargreaves Lansdown, described Schumacher’s resignation as “a surprising turn of events.”
In a note, he wrote that this unexpected change might help Unilever implement its new version, which investors have been anticipating for a long time.
Unilever owns many well-known brands, including Dove soap, Hellmann’s mayonnaise, and Vaseline. One of the company’s key profit-boosting strategies involves separating its massive ice cream business.
Last year, Unilever stated that this separation would help it become a simpler and more focused company, as the ice cream business has “distinct characteristics.”