USA | Unilever has announced that Hein Schumacher will be stepping down as CEO and board director this March.
Fernando Fernandez, currently Unilever's CFO and executive director, will be appointed CEO effective from the 1st of March 2025.
"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,” said Fernandez.
“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."
Before becoming CFO in January 2024, Fernandez had a successful tenure as President of Beauty and Wellbeing, one of Unilever’s fastest-growing businesses.
In previous roles as President Latin America, CEO Brazil and CEO Philippines, he led some of the company’s best-performing markets, delivering strong financial results while developing exceptional talent.
“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,” said Unilever Chairman Ian Meakins.
“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.”
A thorough internal and external search process is being initiated to appoint a permanent CFO. Srinivas Phatak, currently Unilever’s Deputy CFO and Group Controller, will become acting CFO.
Phatak has served in global and local senior finance, strategy and supply chain roles, including a successful term as CFO of Hindustan Unilever Limited. His leadership qualities and broad experience will enable him to partner with Fernandez to successfully execute Unilever’s strategy.
“The Board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed. He partnered in the development of the GAP and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations," added Meakins.
“While the Board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results. 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.”
There is no change to Unilever’s 2025 outlook or the company’s medium-term guidance.
