Unilever has announced the unexpected resignation of CEO Hein Schumacher, who will step down at the helm of the consumer goods giant less than two years after taking on the role. The company confirmed this significant leadership change, stating it would be effective on March 1, 2025, with Schumacher officially leaving the firm by May 31, 2025. This decision was reached by mutual agreement between Schumacher and the company, as Unilever continues its strategic overhaul.
Schumacher joined Unilever from FrieslandCampina in July 2023 and has been instrumental during his tenure, spearheading a transformative agenda aimed at boosting the company’s performance. His leadership saw the implementation of the Growth Action Plan (GAP), and he initiated the much-talked-about spinoff of Unilever’s ice cream division, which is expected to be completed by year-end 2025.
Unilever Chairman Ian Meakins expressed gratitude to Schumacher, stating, "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." Meakins added, “Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track.” Schumacher commented on his exit, saying, "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."
Taking over the CEO role will be Fernando Fernandez, the current Chief Financial Officer (CFO) of Unilever, who will transition to this leadership position on March 1. Fernandez has been with Unilever for nearly four decades, starting his career at the company’s Argentina office as a production costs analyst. He has climbed the ranks, holding various high-profile positions, including president of beauty and wellbeing and CEO of both the Brazilian and Philippine divisions. His recent approach as CFO has garnered praise, which played a part in the Board’s decision for his rapid ascent to CEO.
Fernandez stated, "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.” He emphasized the company’s commitment to providing substantial value for shareholders.
The announcement of Schumacher's resignation had immediate ramifications on Unilever's stock performance, which fell roughly 2% at the start of trading on February 25, 2025. Investors appeared cautious about the change, reflecting the uncertainties surrounding the leadership transition and the company’s future direction. Despite the slip, shares have stabilized slightly, sitting over 1.5% lower than prior market close.
Schumacher’s departure follows Unilever’s 2024 fiscal year report, which indicated positive shifts but also foreshadowed challenges as the company expressed concerns about slower growth early in 2025. Under Fernandez’s leadership, Unilever aims to boost sales growth within the range of 3-5% for the new fiscal year. Meakins acknowledged the improvement during Schumacher’s leadership yet highlighted, "While the Board is pleased with Unilever’s performance in 2024, there is much farther to go to deliver best-in-class results.”
The transition also prompts Unilever to search for Schumacher’s replacement as CFO. Until this position is filled, Unilever's deputy CFO, Srinivas Phatak, will temporarily assume the role. Phatak has had extensive experience within the company, having held senior positions within finance, strategy, and supply chain roles.
With Schumacher stepping down, Unilever remains committed to maintaining its financial outlook for 2025, focusing on creating sustainable growth and efficiently managing business operations. The strategic changes introduced under Schumacher are expected to continue under Fernandez’s leadership, with hopes pinned on the successful execution of the GAP and the eliminated corporate practices from past management.
The new chapter for Unilever under Fernando Fernandez is seen by many as his opportunity to continue what Schumacher started—a significant evolution for one of the world’s leading consumer goods companies. The Board expresses confidence, stating, “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.”
Schumacher’s tenure may have been unexpectedly short, but the foundation he laid provides a direction for Fernandez as he steps up to tackle the challenges and opportunities lying ahead for Unilever.