Unilever has revealed its CEO and Board Director Hein Schumacher will be stepping down this year.
The beauty conglomerate's top executive will step away from his responsibilities on 1 March 2025 after only a year and a half in the role.
He will exit the company by “mutual agreement” on 31 May 2025.
Hein will continue to receive his current level of pay of €1.85m up to the end of his employment.
The Dove and K18 owner added that he will be treated as a “good leaver” under its Remuneration Policy for his “outstanding incentives”.
Fernando Fernandez, Unilever’s CFO and Executive Director, will replace Schumacher as CEO.
Fernandez has previously served as President of Beauty & Wellbeing, as well as President of Latin America, CEO of Brazil and CEO of the Philippines.
Unilever stated that there is no change to the company’s financial 2025 outlook or medium-term guidance as a result of the leadership shake-up.
“It has been a privilege to lead Unilever,” said Schumacher.
“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.”
An internal and external search process has been initiated to appoint a permanent CFO to replace Fernandez.
Incoming CEO Fernando Fernandez
Srinivas Phatak, currently Unilever’s Deputy Chief Financial Officer and Group Controller, will become acting CFO from 1 March 2025.
“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,” added Fernandez.
“I have full confidence in our team's ability to propel Unilever to a global industry-leading position and create substantial value for our shareholders.
“I would like to thank Hein for his values-led leadership and the performance focus he has brought to the business. I wish him every success for the future."
Schumacher, who was the former President of American food producer Heinz, was originally appointed as CEO in January 2023.
He replaced Alan Jope, who announced he would retire from the British consumer goods company in September 2022.
Jope originally joined the company in 1985 as a sales and marketing trainee.
Unilever recently reported bumper full-year sales following an uplift in beauty demand in 2024.
Sales increased by 4.2% and turnover reached €60.8bn, which was driven by the consumer giant’s ‘power brands’ including Dove, Rexona and Sunsilk.
Beauty & Wellbeing sales increased by 6.5% and Personal Care grew by 5.2%, reflecting the ongoing “premiumisation” of Unilever’s core Hair Care and Skin Care portfolio.
Along with Prestige Beauty, the combination accounted for 30% of the beauty category’s turnover.
Cosmetics Business reached out to Unilever, which declined to comment further.