Unilever's Hein Schumacher steps down as CEO and director, CFO Fernando Fernandez to take his place

Schumacher had initiated the demerger of Unilever's ice cream business which has brands such as Kwality Wall's, Cornetto and Magnum.

Unilever's Hein Schumacher is stepping down from his role as Chief Executive Officer (CEO) and director on March 1, 2025, and will leave the company on May 31, 2025.

Hein Schumacher, chief executive officer of Unilever Plc, during a Bloomberg Television interview in London, UK, on Tuesday, Nov. 26, 2024.(Hollie Adams/Bloomberg)

Fernando Fernandez, who is currently the Chief Financial Officer (CFO) and Executive Director, will take his place from March 21, 2025, the multinational consumer goods company announced on Tuesday, February 25, 2025.

There also will be no change to Unilever’s 2025 outlook or the company’s medium-term guidance.

Schumacher had introduced and led an important productivity programme and also initiated the demerger of the Ice Cream business which has brands such as Kwality Wall's, Cornetto and Magnum.

He “will continue to receive his current level of Fixed Pay (Euro 1,850,000) up to the cessation of his employment on 31 May 2025,” the company said, adding that he will be “treated as a good leaver” under the remuneration policy.

“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.”

Meanwhile, Fernando Fernandez will receive a fixed pay of 1.8 million Euros and will also be eligible to participate in an annual bonus and performance share plan awards.

Before becoming Unilever's CFO in January 2024, he was the President of Beauty & Wellbeing, which Unilever claims is one of its fastest growing businesses.

He also had held previous roles as President of Latin America, CEO of Brazil, and CEO of Philippines for Unilever.

“Being appointed as CEO of Unilever is an honour,” said Fernandez. “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.”

Unilever has said that it has currently initiated a search process to find a permanent CFO to take up Fernandez's position. Till then, Srinivas Phatak who is currently Unilever’s Deputy CFO and Group Controller, will become acting CFO.