Unilever PLC Board
Update
Fernando
Fernandez to succeed Hein Schumacher as Chief Executive
Officer
Board is
committed to further accelerating Growth Action Plan and building
Unilever into global industry leader
Company
reaffirms 2025 outlook and medium-term guidance
Unilever today announced that Hein
Schumacher is stepping down as Chief Executive Officer and as a
Board Director on 1 March 2025 by mutual agreement and will leave
the company on 31 May 2025.
Fernando Fernandez, currently
Unilever Chief Financial Officer and Executive Director, will be
appointed Chief Executive Officer effective from 1 March
2025. Prior to
becoming CFO in January 2024, Fernando had a successful tenure as
President of Beauty & 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.
Unilever Chairman Ian Meakins said:
"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. 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."
Speaking of Fernando's appointment
as CEO, Ian Meakins said: "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.
"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."
Hein Schumacher said: "It has been a
privilege to lead Unilever. 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."
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. 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."
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. Srinivas' leadership qualities and his
broad experience will enable him to partner Fernando in
successfully executing Unilever's strategy.
There is no change to Unilever's
2025 outlook or the company's medium-term guidance.
This announcement contains inside
information. This is a public announcement pursuant to Article 17
Paragraph 1 of the European Market Abuse Regulation (596/2014),
including as it forms part of UK law.
Summary of remuneration in
respect of Directorate changes
New CEO
Fernando will receive 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 Unilever's existing remuneration
policy.
Full details will be set out in the Remuneration
Report.
Departing
CEO
Hein 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.
Additional details for Hein will be set out in the Section
430(2B) disclosure that will be made available on the Company's
website following his departure from the Board, and will also be
set out in the Remuneration Report.
ENDS
Enquiries
Media:
Unilever Press Office
press-office.london@unilever.com
Investors:
Investor Relations Team investor.relations@unilever.com
About
Unilever
We
are a global consumer goods business with a portfolio of Beauty
& Wellbeing, Personal Care, Home Care, Foods and Ice Cream
brands. Our products are used by 3.4 billion consumers every day
from household necessities to premium indulgences. We have around
120,000 employees and generated €60.8bn turnover in
2024.
For
more information about Unilever and our brands, please
visit www.unilever.com.
Safe
Harbour
This announcement may contain forward-looking statements,
including 'forward-looking statements' within the meaning of the
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including with relation to Unilever's share buyback, its purpose
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expressly qualified in their entirety by the cautionary statements
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Because these forward-looking statements involve known and
unknown risks and uncertainties, a number of which may be beyond
the Group's control, there are important factors that could cause
actual results to differ materially from those expressed or implied
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statements are based upon current beliefs, expectations and
assumptions regarding anticipated developments and other factors
affecting the Group. They are not historical facts, nor are they
guarantees of future performance or outcomes. All forward-looking
statements contained in this announcement are expressly qualified
in their entirety by the cautionary statements contained or
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reliance on forward-looking statements.
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forward-looking statements speak only as of the date of this
announcement. Except as required by any applicable law or
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or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
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Further details of potential risks and uncertainties affecting
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2023 and the Unilever Annual Report and Accounts 2023 available on
our corporate website www.unilever.com.
