Hein Schumacher is stepping down as Unilever’s chief executive after just over a year and a half in the role, with the consumer goods giant announcing that chief financial officer Fernando Fernandez will take over as CEO starting March 1. Schumacher’s departure comes as a surprise, with the company noting that he will leave Unilever entirely by May 31.
Fernandez, who became Unilever’s finance chief in January 2024, has extensive experience within the company, previously overseeing key growth areas such as beauty and wellbeing, as well as the Latin America, Brazil, and Philippines divisions. Unilever’s chairman, Ian Meakins, expressed gratitude for Schumacher’s leadership, praising his work in resetting the company’s strategy, implementing a productivity program, and advancing the spin-off of its ice-cream business. Under Schumacher’s tenure, Unilever made progress on financial goals, and its growth action plan was hailed for positioning the company for better performance.
As part of the planned changes, the company’s ice cream division will be listed in Amsterdam, marking another shift away from the London stock market. Unilever’s portfolio includes top-selling ice cream brands like Wall’s, Magnum, Ben & Jerry’s, Cornetto, and Breyers.
Meakins highlighted Fernandez’s decisive approach and proven ability to drive change swiftly, stating that he had been integral to both the growth action plan and the productivity program. Fernandez will now focus on strengthening Unilever’s portfolio and advancing its brand leadership.
Schumacher will receive his full fixed pay of €1.85 million (£1.53 million) until May 31, with additional payments for his notice period. Meanwhile, Fernandez’s annual fixed pay will be slightly lower than Schumacher’s at £1.8 million, along with annual cash bonuses and long-term share incentives.
