Unilever CEO Hein Schumacher Replaced by Fernando Fernandez
Hein Schumacher is to step down as CEO at Unilever and will be replaced by CFO Fernando Fernandez.
The FMCG giant announced that Hein would leave his role as Chief Executive and Board Director on 1 March, before departing the company on 31 May. Fernando will officially become the organisation's new CEO from 1 March.
“It has been a privilege to lead Unilever," said Hein. "We have made real progress and I am proud of what we have achieved in a short period of 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."
Ian Meakins, Chairman at Unilever, commended Hein for "resetting Unilever’s strategy", as well as the "focus and discipline he has brought to the company". He also highlighted the "solid financial progress" delivered during 2024.
"Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track," Ian continued.
"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 'decisive' leader
Prior to becoming CFO in January 2024, Fernando enjoyed a successful tenure as President of Beauty & Wellbeing, one of Unilever’s fastest-growing divisions.
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.
"The board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed," Ian added.
"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.
“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."
Focused on growth
Fernando, a 37-year veteran of Unilever, said it would be "an honour" to serve as the company's CEO.
He continued: "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."
Unilever confirmed a search process, both internal and external, was under way to appoint a permanent CFO. In the interim, Srinivas Phatak, currently Deputy CFO and Group Controller, will become acting CFO from 1 March.
Srinivas brings extensive experience in finance, strategy and supply chain management. He previously served as CFO of Hindustan Unilever Limited and has held key leadership roles across the company.
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