Having joined the business in July 2023 from FrieslandCampina, Unilever CEO Hein Schumacher has handed in his resignation.
Due to leave the business on 31 May 2025, the current chief financial officer, Fernando Fernandez, will step into Schumacher’s shoes next month. Unilever has said Schumacher’s departure is on mutual terms.
Fernandez’s promotion comes hot on the heels of his move into CFO – a role he has held for just a little over a year, having been appointed in January 2024.
He started his career in the finance team at Unilever in Argentina in 1988, working as a controller and in M&A before taking up general management roles across a variety of markets. Most recently, before being named CFO, he led the beauty and wellbeing division.
“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,” Unilever chairman Ian Meakins said.
“Hein introduced and led a significant productivity programme 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.”
The announcement of Schumacher’s sudden departure comes shortly after the group reported a drop in profits for 2024, but the company has said it is “very confident” in Fernandez’s ability to drive these back up.
“While the Board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results,” continued Meakins.
“Having worked with Fernando closely over the last 14 months, the Board is very confident in his ability to lead a high performing management team, realise the benefits of the GAP with urgency, and deliver the shareholder value that the company’s potential demands.”
Fernandez added: “Being appointed as CEO of Unilever is an honour. Our focus will be on building a future-fit portfolio with an attractive growth footprint and delivering unmatched functional and perceivable superiority across our top 30 power brands.
“I have full confidence in our team’s ability to propel Unilever to a global industry-leading position and create substantial value for our shareholders. I would like to thank Hein for his values-led leadership and the performance focus he has brought to the business. I wish him every success for the future.”
On his exit Schumacher said he is proud of what the business has achieved in a short time.
“With a clear strategy, a portfolio reset in motion and a strong leadership team in place, I look forward to seeing Unilever move from strength to strength in the future,” he commented.
Schumacher is being treated as a ‘good leaver’ and will continue to receive his current level of Fixed Pay of €1,850,000 (≈ £1,534,010) up to the cessation of his employment on 31 May 2025. He will then be eligible for a payment in lieu of the remainder of his notice period.
The business is now looking to appoint a replacement CFO. In the meantime, Unilever’s deputy CFO and group controller Srinivas Phatak will fulfil the role. Phatak has served in global and local senior finance, strategy and supply chain roles including a successful term as CFO of Hindustan Unilever Limited.
Unilever has said its 2025 outlook and company’s medium-term guidance remains unchanged.
