Dive Brief:
- Unilever unexpectedly announced it is ousting CEO Hein Schumacher as the Ben & Jerry’s and Hellmann’s mayonnaise manufacturer aims to accelerate its turnaround efforts.
- Schumacher will step down on March 1 after less than two years in the top role. He will be replaced by Fernando Fernandez, Unilever’s CFO.
- The change comes a year after Unilever announced it would cut about 7,500 jobs as part of a restructuring effort to increase sales, cut costs and boost productivity. The company also is planning to spin off its ice cream business, which includes Good Humor, Talenti, Breyers, Popsicle, Klondike and Ben & Jerry’s.
Dive Insight:
Despite efforts to turn around a company known for everything from ice cream and mayonnaise to body wash and deodorant, Unilever’s board felt Schumacher wasn’t moving quickly enough.
“While the Board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results,” Ian Meakin, Unilever’s chairman, said in a statement.
Schumacher rejoined Unilever after more than two decades in the food space, including nearly 11 years at H.J. Heinz, according to his LinkedIn page. He previously served as a finance manager at Unilever from 1997 to 2001.
In replacing Schumacher, Unilever is tapping Fernandez, a 37-year company veteran who is intimately familiar with the business and its strategy. Before taking the top financial post at the London-based company, Fernandez, was president of beauty and wellbeing, one of Unilever’s fastest-growing businesses.
Unilever is facing a challenging environment in the U.S. as consumers pull back on spending due to a prolonged period of inflation. Fernandez takes over less than a year after Unilever announced a sweeping restructuring plan to create “a simpler, more focused company” with the separation of its roughly $9 billion ice cream business a key pillar of the strategy
“The Board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed,” Meakin said. “He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.”
Unilever said Srinivas Phatak, currently the deputy CFO, will take over the top finance role on an interim basis while the company looks for a permanent replacement.
The sudden upheaval in the C-suite at Unilever continues what has been an active period of CEO shakeups at food and beverage companies.
The Campbell’s Company recently appointed Mick Beekhuizen as CEO, while Hershey veteran Michele Buck announced she plans to retire in June of 2026. And last September, Laurent Freixe took over as CEO at Lean Cuisine maker Nestlé.
