Unilever boss steps down as CEO after just 18 months in the role

Unilever has announced that its CEO Hein Schumacher is stepping down and will be replaced by chief financial officer and executive director Fernando Fernandez. Schumacher was appointed CEO in July 2023 and will leave his role after just over a year and a half in the position.

The surprise change from the maker of Ben & Jerry’s will be effective March 1, 2025, and Schumacher will leave the company on May 31, 2025.

Announcing the news, Unilever chairman Ian Meakins says: “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 program 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. We are grateful for Hein’s leadership, and we wish him the very best for the future.”

According to investment fund platform Hargreaves Lansdown, Unilever shares fell 2.7% in early trading (FTSE 100 index). 

Unilever says there is no change to its 2025 outlook or medium-term guidance.

Speaking about Fernandez’s appointment as CEO, Meakins adds that the Board “has been impressed” with his “decisive and results-oriented approach.” 

It’s been a busy period for the corporation. Earlier this month, it announced that its ice cream division, worth over €8 billion (US$8.3 billion) in annual sales revenue, will have Amsterdam as its primary listing once it is demerged from the rest of the company. 

Unilever also confirmed in December that it would sell its iconic Zwan and Unox brands to Dutch food corporation Zwanenberg Food Group in a deal worth a potential €1 billion (US$1.05 billion).