Unilever’s CEO Hein Schumacher to Step Down in Under Two Years; CFO Fernando Fernandez Named Successor

Unilever announced on Tuesday that its Chief Executive Officer, Hein Schumacher, will step down from the post after spending less than two years. He will be succeeded by Chief Financial Officer (CFO) Fernando Fernandez. Schumacher, who took over as CEO in July 2023, will step down in March and officially leave the company on May 31 by mutual agreement.

Schumacher’s exit follows Unilever’s recent announcement of disappointing full-year earnings and its decision to list its ice cream business mainly in Amsterdam over London and New York.

Fernandez, previously Unilever’s finance chief, has also served as President of Latin America and CEO of Brazil. Meanwhile, Srinivas Phatak, currently Deputy CFO and Group Controller, will assume the role of acting CFO while the company searches for a permanent replacement.

Schumacher began his career at Unilever as a Finance Manager and later held key positions at Ahold, HJ Heinz, and Royal FrieslandCampina. He spent over a decade at HJ Heinz and more than eight years at Royal FrieslandCampina before returning to Unilever.