Consumer goods group announces abrupt overhaul of top management as it bids to revive its fortunes
Unilever, the maker of Magnum ice cream has ousted chief executive Hein Schumacher after less than two years, replacing him with chief financial officer Fernando Fernandez as the consumer goods group steps up efforts to revive its fortunes.Unilever has ousted chief executive Hein Schumacher after less than two years, replacing him with chief financial officer Fernando Fernandez as the consumer goods group steps up efforts to revive its fortunes.
It also follows the launch of a big restructuring at the maker of Magnum and Ben & Jerry’s, kicked off by Mr Schumacher, which includes plans to hive off its ice-cream business and slash costs.Deepseek fears recede as Wall Street eyes Nvidia earningsThe decision to remove Schumacher was taken at a board meeting on Monday, according to a person familiar with the matter, after the group’s directors concluded that Mr Fernandez was “better suited” to execute the turnaround plan.
Analysts reacted with shock to the news. Unilever’s share price has been on a strong run since Mr Schumacher joined as chief executive, rising 11 per cent and outperforming its peers. “One set of slightly wayward results certainly would not warrant his defenestration in our opinion,” said James Edwardes Jones, analyst at RBC Capital Markets, adding that Schumacher was “very highly regarded” and that his departure was a “bolt from the blue”.
Unilever said on Tuesday that Mr Schumacher would be eligible for a payment in lieu of the remainder of his notice and would be treated as a “good leaver”.
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