Unilever has appointed a new CEO, following the surprise news that Hein Schumacher will step down from the position by “mutual agreement”.

In an update today (25 February), the consumer goods giant revealed that Schumacher will quit the role of chief executive, and as a board director, on 1 March 2025. He will exit the company completely by 31 May.

In his place, current chief financial officer Fernando Fernandez will be promoted to the role of chief executive. Prior to becoming CFO January last year Fernandez held a range of other senior Unilever positions, including president of Beauty & Wellbeing, president Latin America, CEO of Brazil and CEO of the Philippines.

Speaking about the new senior switch-up, Unilever chairman Ian Meakins thanked Schumacher for “resetting Unilever’s strategy” and the company’s “solid financial progress”, citing projects such as the food and drink manufacturer’s cost cutting “productivity programme” and the “commencement of the Ice Cream separation”.

Meakins added: “The Board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed.

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“He partnered in the development of the GAP [growth action plan] and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.”

Speaking of his departure, Schumacher said: “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.”

Fernadez added: “Being appointed as CEO 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. 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.”

Elsewhere, the board maintained that the news had not impacted Unilever’s 2025 outlook or the company’s medium term guidance.

News of Schumacher’s departure comes just weeks after Unilever has said that it ‘remains on track’ to separate its ice cream division by the end 2025, and to move the headquarters of the demerged company to Amsterdam.

Schumacher revealed in a post-trading call that the consumer goods giant had made solid progress in its decision to spin-off its ice cream division, which includes popular brands such as Ben & Jerry’s, Walls, and Magnum, and would list in Amsterdam, New York and London.

Unilever also revealed that its profits soared in 2024, rising 12.6% to €11.2bn, while its underlying sales grew 4.2%.