Unilever Replaces CEO Schumacher After Under Two Years at Helm

Unilever (UL) said Tuesday that Hein Schumacher is stepping down after less than two years as Chief Executive Officer (CEO) of the consumer goods giant.

Schumacher will be replaced by Chief Financial Officer (CFO) Fernando Fernandez, who previously led the conglomerate’s beauty and wellbeing unit—one of its fastest-growing businesses, Unilever said. 

Schumacher, who has led Unilever since July 2023, will step down as CEO and as a board director by “mutual agreement” on March 1, the maker of Dove soap and Hellmann’s mayonnaise said. Unilever didn’t give any reasons for Schumacher’s departure.

UBS Calls CEO Departure ‘Unexpected’

Unilever Chairman Ian Meakins said Schumacher’s initiatives, including his  cost-cutting strategy and the spinoff of Ben & Jerry’s and the rest of its ice cream division, “are fully on track.” The company had previously said the separation would be completed by the end of 2025, and reiterated that target when it announced 2024 results last month. Unilever said Tuesday that there isn’t a change to either its 2025 outlook or medium-term guidance.

In a note Tuesday, UBS analysts called Schumacher’s departure “unexpected,” adding that they believed the decision was “driven by the Board’s willingness to accelerate the pace of change at Unilever (while remaining fully committed to the current strategy).” The analysts, who have a “sell” rating on the stock, said Fernandez is “well-known by the investor community.”

Unilever’s U.S.-listed shares slipped 1% in premarket trading but are up 11% over the past 12 months entering Tuesday’s session.