Unilever named Royal FrieslandCampina boss Hein Schumacher as its next chief executive officer, bringing forward Alan Jope’s replacement after strategy mishaps frustrated investors including Nelson Peltz.
The maker of Dove soap and Ben & Jerry’s ice cream is accelerating its leadership transition, and the new CEO will take over from Jope on July 1 instead of at the end of the year, following a one-month handover.
Schumacher, 51, has experience working at HJ Heinz and grocer Royal Ahold. While an external candidate, he began his career at Unilever decades ago.
Schumacher’s appointment comes after a difficult period for Unilever and Jope. The departing CEO angered shareholders with a failed attempt to take over the consumer healthcare unit of GSK Plc. Unilever is also having to grapple with the highest inflation in four decades, which has strained relationships between producers and supermarket clients.
The stock is trading at about the same level as when Jope became CEO at the start of 2019. The shares were little changed Monday morning.
Unilever has been facing pressure from one of the most-feared activist investors on Wall Street. Peltz built up a stake through his Trian fund and joined the board in the aftermath of the failed deal. Jope announced plans to depart in September and is leaving after 37 years. Analysts welcomed the appointment of an external chief executive, albeit one they did not know well.
The maker of Dove soap and Ben & Jerry’s ice cream is accelerating its leadership transition, and the new CEO will take over from Jope on July 1 instead of at the end of the year, following a one-month handover.
Schumacher, 51, has experience working at HJ Heinz and grocer Royal Ahold. While an external candidate, he began his career at Unilever decades ago.
Schumacher’s appointment comes after a difficult period for Unilever and Jope. The departing CEO angered shareholders with a failed attempt to take over the consumer healthcare unit of GSK Plc. Unilever is also having to grapple with the highest inflation in four decades, which has strained relationships between producers and supermarket clients.
The stock is trading at about the same level as when Jope became CEO at the start of 2019. The shares were little changed Monday morning.
Unilever has been facing pressure from one of the most-feared activist investors on Wall Street. Peltz built up a stake through his Trian fund and joined the board in the aftermath of the failed deal. Jope announced plans to depart in September and is leaving after 37 years. Analysts welcomed the appointment of an external chief executive, albeit one they did not know well.
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