London: Unilever has announced that Hein Schumacher will be stepping down as Chief Executive Officer and Board Director on 1 March 2025. The company stated that his departure is by mutual agreement, and he will officially leave Unilever on 31 May 2025.

Reflecting on his tenure, 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.”

Fernando Fernandez to take over as CEO

Fernando Fernandez, currently serving as Unilever’s Chief Financial Officer (CFO) and Executive Director, will take over as CEO from 1 March 2025. Before his appointment as CFO in January 2024, Fernandez was President of Unilever’s Beauty & Wellbeing business. He has also held key leadership roles, including President of Latin America, CEO of Brazil, and CEO of the Philippines, where he led high-performing markets and delivered strong financial results.

Salary and compensation details

Unilever confirmed that Fernandez will receive a fixed salary of €1,800,000, along with eligibility for an annual bonus and Performance Share Plan awards, in line with the company's remuneration policy.

Meanwhile, Hein Schumacher will continue receiving his current fixed salary of €1,850,000 until his official exit on 31 May 2025. He will also be entitled to a payment in lieu of the remainder of his notice period.

Unilever stated, “Hein will be treated as a good leaver under the Remuneration Policy for the purposes of his outstanding incentives.”

Interim CFO appointed

As part of the leadership transition, Unilever has initiated an internal and external search for a permanent Chief Financial Officer. In the meantime, Srinivas Phatak, currently Deputy CFO and Group Controller, will take over as Acting CFO from 1 March 2025.

Phatak has previously held senior finance, strategy, and supply chain roles, including a successful term as CFO of Hindustan Unilever Limited.

Unilever has reassured investors that there will be no changes to its 2025 financial outlook or medium-term guidance despite the leadership transition.