REG - Unilever PLC - Directorate Change

UnileverAnnouncement

25/02/2025 07:00

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RNS Number : 2812Y  Unilever PLC  25 February 2025

 

Unilever PLC Board Update

 

Fernando Fernandez to succeed Hein Schumacher as Chief Executive Officer

 

Board is committed to further accelerating Growth Action Plan and building
Unilever into global industry leader

 

Company reaffirms 2025 outlook and medium-term guidance

 

 

Unilever today announced that Hein Schumacher is stepping down as Chief
Executive Officer and as a Board Director on 1 March 2025 by mutual agreement
and will leave the company on 31 May 2025.

 

Fernando Fernandez, currently Unilever Chief Financial Officer and Executive
Director, will be appointed Chief Executive Officer effective from 1 March
2025. Prior to becoming CFO in January 2024, Fernando had a successful tenure
as President of Beauty & Wellbeing, one of Unilever's fastest growing
businesses. In previous roles as President Latin America, CEO Brazil and CEO
Philippines he led some of the company's best performing markets, delivering
strong financial results while developing exceptional talent.

 

Unilever Chairman Ian Meakins said: "On behalf of the Board, I would like to
thank Hein for resetting Unilever's strategy, for the focus and discipline he
has brought to the company and for the solid financial progress delivered
during 2024. Hein introduced and led a significant productivity programme and
the commencement of the Ice Cream separation, both of which are fully on
track. The Growth Action Plan (GAP) has put Unilever on a path to higher
performance and the Board is committed to accelerating its execution. We are
grateful for Hein's leadership, and we wish him the very best for the future."

 

Speaking of Fernando's appointment as CEO, Ian Meakins said: "The Board has
been impressed with Fernando's decisive and results-oriented approach and his
ability to drive change at speed. He partnered in the development of the GAP
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.

 

"While the Board is pleased with Unilever's performance in 2024, there is much
further to go to deliver best-in-class results. Having worked with Fernando
closely over the last 14 months, the Board is very confident in his ability to
lead a high performing management team, realise the benefits of the GAP with
urgency, and deliver the shareholder value that the company's potential
demands."

 

Hein 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 said: "Being appointed as CEO of Unilever 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. 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."

 

A thorough internal and external search process is being initiated to appoint
a permanent CFO. From 1 March 2025, Srinivas Phatak, currently Unilever's
Deputy Chief Financial Officer and Group Controller, will become acting CFO.
Srinivas has served in global and local senior finance, strategy and supply
chain roles including a successful term as CFO of Hindustan Unilever Limited.
Srinivas' leadership qualities and his broad experience will enable him to
partner Fernando in successfully executing Unilever's strategy.

 

There is no change to Unilever's 2025 outlook or the company's medium-term
guidance.

 

This announcement contains inside information. This is a public announcement
pursuant to Article 17 Paragraph 1 of the European Market Abuse Regulation
(596/2014), including as it forms part of UK law.

 

Summary of remuneration in respect of Directorate changes

New CEO

Fernando will receive Fixed Pay of Euro 1,800,000 and be eligible to
participate in an annual bonus and Performance Share Plan awards, all in line
with Unilever's existing remuneration policy.

Full details will be set out in the Remuneration Report.

Departing CEO

Hein 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. He will then be eligible
for a payment in lieu of the remainder of his notice period.

Hein will be treated as a good leaver under the Remuneration Policy for the
purposes of his outstanding incentives.

Additional details for Hein will be set out in the Section 430(2B) disclosure
that will be made available on the Company's website following his departure
from the Board, and will also be set out in the Remuneration Report.

 

ENDS

Enquiries

 

Media:

Unilever Press Office

press-office.london@unilever.com (mailto:press-office.london@unilever.com)

 

Investors:

Investor Relations Team investor.relations@unilever.com
(mailto:investor.relations@unilever.com)

 

About Unilever

We are a global consumer goods business with a portfolio of Beauty &
Wellbeing, Personal Care, Home Care, Foods and Ice Cream brands. Our products
are used by 3.4 billion consumers every day from household necessities to
premium indulgences. We have around 120,000 employees and generated €60.8bn
turnover in 2024.

For more information about Unilever and our brands, please
visit www.unilever.com (http://www.unilever.com/) .

 

Safe Harbour

This announcement may contain forward-looking statements, including
'forward-looking statements' within the meaning of the United States Private
Securities Litigation Reform Act of 1995, including with relation to
Unilever's share buyback, its purpose and timetable. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking
statements. Words and terminology such as 'will', 'aim', 'expects',
'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambition', 'target',
'goal', 'plan', 'potential', 'work towards', 'may', 'milestone', 'objectives',
'outlook', 'probably', 'project', 'risk', 'seek', 'continue', 'projected',
'estimate', 'achieve' or the negative of these terms and other similar
expressions of future performance, results, actions or events, and their
negatives, are intended to identify such forward-looking statements. These
forward-looking statements are based upon current beliefs, expectations and
assumptions regarding anticipated developments and other factors affecting the
Unilever Group (the 'Group'). They are not historical facts, nor are they
guarantees of future performance or outcomes. All forward-looking statements
contained in this announcement are expressly qualified in their entirety by
the cautionary statements contained or referred to in this section. Readers
should not place undue reliance on forward-looking statements.

Because these forward-looking statements involve known and unknown risks and
uncertainties, a number of which may be beyond the Group's control, there are
important factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements. These
forward-looking statements are based upon current beliefs, expectations and
assumptions regarding anticipated developments and other factors affecting the
Group. They are not historical facts, nor are they guarantees of future
performance or outcomes. All forward-looking statements contained in this
announcement are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. Readers should not place
undue reliance on forward-looking statements.

The forward-looking statements speak only as of the date of this announcement.
Except as required by any applicable law or regulation, the Group expressly
disclaims any intention, obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein to
reflect any change in the Group's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is
based. New risks and uncertainties arise over time, and it is not possible for
us to predict those events or how they may affect us. In addition, we cannot
assess the impact of each factor on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.

Further details of potential risks and uncertainties affecting the Group are
described in the Group's filings with the London Stock Exchange, Euronext
Amsterdam and the US Securities and Exchange Commission, including in the
Annual Report on Form 20-F 2023 and the Unilever Annual Report and Accounts
2023 available on our corporate website www.unilever.com.

 

 

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