Assumed office for less than two years! Unilever PLC Sponsored ADR (UL.US) CEO suddenly announced resignation.

date
25/02/2025
avatar
GMT Eight
Hein Schumacher, CEO of Unilever PLC Sponsored ADR (UL.US), unexpectedly announced his resignation after less than two years at the helm of the consumer goods giant. Unilever PLC Sponsored ADR announced that current CFO Fernando Fernandez will take over the position. Fernandez had previously served as the head of the company's Latin America region and the Beauty & Health business division, one of the company's fastest-growing business units. Schumacher took over as CEO in July 2023, succeeding Alan Jope when investor confidence in the group was at a low point. The Dutch executive immediately initiated a series of reforms, including plans to spin off the ice cream business and cut costs. After a period of high inflation, he has also been working to shift the company's growth model from price-driven to volume-driven expansion. During his tenure, Unilever PLC Sponsored ADR's stock price rose by 9.4%. The CEO transition will take effect in March, with Schumacher officially leaving on May 31. Schumacher's reform efforts have been challenged by weak consumer confidence in the Chinese and American markets, both of which are crucial for the company that produces Hellmann's mayonnaise and Knorr soups. Earlier this month, Unilever PLC Sponsored ADR announced that its ice cream business will primarily be listed in Amsterdam and undergo a secondary listing in London and New York during this year's business split. The company also reported that fourth-quarter underlying sales growth was 4%, slightly higher than expected, and projected an improved profit by 2025. The company stated that its 2025 performance guidance remains unchanged. Unilever PLC Sponsored ADR Chairman Ian Meakins stated that Schumacher's departure was a mutual decision, and praised Fernandez for his "decisive and results-oriented work style." He added in a statement on Tuesday, "While the Board is pleased with Unilever PLC Sponsored ADR's performance in 2024, there is still a long way to go to achieve industry-leading results."

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