MUMBAI: Unilever today announced that Hein Schumacher will step down as chief executive officer and 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, Fernandez had a successful tenure as president of beauty & wellbeing, one of Unilever's fastest growing businesses.

Unilever chairman Ian Meakins thanked Schumacher 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." He noted that Schumacher introduced and led a significant productivity programme and commenced the ice cream separation, both of which are fully on track.

Speaking of Fernandez's appointment, Meakins said: "The board has been impressed with Fernando's decisive and results-oriented approach and his ability to drive change at speed. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever's operations."

Schumacher called his time leading Unilever "a privilege" and said he was proud of what they had achieved in a short period of time.

Fernandez commented: "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."

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.

Unilever confirmed there is no change to its 2025 outlook or medium-term guidance.