In a surprising leadership change, consumer goods giant Unilever has announced the departure of its CEO, Hein Schumacher, later this week. Schumacher, who took over the helm in July 2023, will step down as CEO on March 1 and officially leave the company on May 31. His exit comes by mutual consent, according to the company.
Fernando Fernandez, currently serving as Unilever’s Chief Financial Officer and Executive Director, will assume the role of CEO starting March 1. Fernandez, who became CFO in January 2024, previously led Unilever’s Beauty & Wellbeing division—one of its fastest-growing sectors—and has held leadership positions across Latin America, Brazil, and the Philippines.
With Fernandez stepping into the CEO role, Unilever has launched an internal and external search for a permanent CFO. In the interim, Deputy CFO and Group Controller Srinivas Phatak will serve as acting CFO starting March 1.
Schumacher’s tenure at Unilever has been marked by significant strategic shifts. Under his leadership, the company initiated the spin-off of its €8 billion ice cream business and launched an €800 million cost-saving program aimed at streamlining operations. His restructuring efforts were widely viewed as an attempt to simplify Unilever’s business model and improve efficiency.
Announcing Schumacher’s departure, Unilever Chairman Ian Meakins praised his contributions, stating, “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.”
In a brief statement, Schumacher expressed gratitude for his time at Unilever, saying, “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 of time.”
The leadership transition comes at a crucial time for Unilever, as the company continues its efforts to drive growth and improve operational efficiency. Industry observers will be watching closely as Fernandez takes the reins and navigates Unilever’s next phase of transformation.
