Unilever CEO Hein Schumacher quits, CFO Fernando Fernandez to take over

Unilever Chief Executive Officer (CEO) and Board Director Hein Schumacher will step down on March 1, 2025, by “mutual agreement”, the FMCG giant announced on Tuesday, February 25. Schumacher will officially leave Unilever on May 31, 2025.

“Hein will continue to receive his current level of Fixed Pay (1.85 million euros) up to the cessation of his employment on 31 May 2025,” it said. Schumacher became the CEO in January 2023.

Fernando Fernandez, the current CFO and Executive Director, has been appointed as the next CEO with a fixed salary of 1.8 million euros, effective March 31, the company added.

“Prior to becoming CFO in January 2024, Fernando had a successful tenure as President of Beauty & Wellbeing, one of Unilever’s fastest-growing businesses. In previous roles as President Latin America, CEO Brazil and CEO Philippines he led some of the company’s best-performing markets, delivering strong financial results while developing exceptional talent,” the press release said.

Srinivas Phatak, the current Deputy CFO and Group Controller will become the acting CFO of the company starting March 1, 2025. Meanwhile, the company will initiate a “thorough internal and external search process” to find a permanent CFO.

“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. With a clear strategy, a portfolio reset in motion and a strong leadership team in place, I look forward to seeing Unilever move from strength to strength in the future,” Schumacher commented.

“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. Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track. The Growth Action Plan (GAP) has put Unilever on a path to higher performance and the Board is committed to accelerating its execution. We are grateful for Hein’s leadership, and we wish him the very best for the future,” Unilever’s Chairman Ian Meakins said.

Unilever’s muted 2024 performance

The departure comes in the face of muted 2024 financial performance, with the company’s net profit falling 12.31% to 5.7 billion euros compared with 6.5 billion euros in 2023. However, its turnover jumped 1.9% to 60.8 billion euros.

The decrease in profit came at the back of its Russia exit and higher restructuring costs due to accelerating the productivity program, the company said.

In October 2024, Unilever sold its Russian subsidiary to the Arnest Group.

“The completion of the sale ends Unilever Russia’s presence in the country,” the company had said.

However, Hein Schumacher’s departure and the new appointments will bring no change to its 2025 outlook or its “medium-term guidance”, Unilever said.