MW Unilever promotes its 'maverick' CFO to top spot in surprise move

By Steve Goldstein

Fernando Fernandez to take over Unilever from Hein Schumacher

Unilever on Tuesday announced an abrupt change in leadership less than two weeks after issuing disappointing sales guidance, promoting its chief financial officer to the top role at the company.

Fernando Fernandez, the current CFO, will take over as chief executive of the maker of Dove soap and Hellmann's mayonnaise from Hein Schumacher, who's stepping down on March 1 "by mutual agreement."

Unilever shares (UK:ULVR) $(UL)$ slipped 2% in early London trade, and are now down 3% this year.

Unilever earlier this month said it anticipated a "slower start to 2025 with subdued market growth in the near term" and only "modest" improvements in operating margins. Unilever reiterated its outlook on Tuesday.

Schumacher is being called a "good leaver" for purposes of compensation and will continue to receive his EUR1.85 million per year salary through May 31. The change was friendly enough that Schumacher issued a statement saying it was a privilege to lead Unilever and it had made "real progress" in a short period of time. He was appointed CEO in July 2023.

Unilever's chairman, Ian Meakins, said Schumacher helped to reset Unilever's strategy - including its plan to separate out the ice cream business, which it's continuing. He said the board was impressed by Fernandez's "decisive and results-oriented approach and his ability to drive change at speed."

The Argentine economist has been with Unilever since 1988 and became CFO last year. Investors "like his direct approach, but some may also see his style as somewhat maverick," said David Hayes, a Jefferies analyst.

-Steve Goldstein

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February 25, 2025 04:35 ET (09:35 GMT)

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