Unilever announced that Hein Schumacher is stepping down as the Chief Executive Officer and as a Board Director on March 1. The company further added that he is leaving by mutual agreement, and will leave the company on May 31, 2025.
He will be replaced by Fernando Fernandez who is currently Unilever’s Chief Financial Officer and Executive Director, effective from 1 March 2025. Before becoming the company CFO in January 2024, Fernando served as President of Unilever’s Beauty & Wellbeing business. 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 company said in a statement.
Speaking on the decision to step down, Hein Schumacher said, “ 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, Unilever, 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.”
On Fernando’s appointment as CEO, Ian Meakins added, “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,” he added.
Fernando Fernandez said, “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.”
What will be the salary of the new CEO?
Unilever maintained that Fernando Fernandez will receive a fixed pay of Euro 1,800,000 and be eligible to participate in an annual bonus and Performance Share Plan awards, all in line with the company’s existing remuneration policy.
Further, the departing CEO, Hein Schumacher will continue to receive his current level of fixed pay (Euro 1,850,000) 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. “Hein will be treated as a good leaver under the Remuneration Policy for the purposes of his outstanding incentives,” it said.
Who will be the new CFO?
Unilever, in a release, said that a thorough internal and external search process is being initiated to appoint a permanent CFO. From 1 March 2025, Srinivas Phatak, currently Unilever’s Deputy Chief Financial Officer and Group Controller, will become acting CFO.
Srinivas has served in global and local senior finance, strategy and supply chain roles including a successful term as CFO of Hindustan Unilever Limited.
The company maintained that there is no change to Unilever’s 2025 outlook or the company’s medium-term guidance.