Unilever's Leadership Shake-Up: Peltz's Influence and Schumacher's Surprising Exit

Unilever's board, with activist investor Nelson Peltz, ousted CEO Hein Schumacher unexpectedly, appointing finance chief Fernando Fernandez to expedite the company's turnaround. Schumacher, unaware of any issues, did not comment on the decision. Unilever's shares dropped following the announcement.

In a surprising move, Unilever's board, including billionaire activist investor Nelson Peltz, decided unanimously to replace CEO Hein Schumacher with finance chief Fernando Fernandez. A source familiar with the decision told Reuters this change aims to accelerate the group's turnaround strategy, believing Fernandez to be more fitting for the role.

Schumacher, taken aback by the ouster, claimed the decision involved nothing questionable. Despite the abrupt transition, there was no immediate comment from Schumacher, who was contacted via LinkedIn by Reuters. This leadership shake-up comes as part of Peltz's long-standing efforts to revitalize the company.

Since joining the board in May 2022, Peltz has emphasized collaboration and was an advocate for Schumacher's original appointment. However, Unilever's shares saw a 3.4% drop following the news, despite previously gaining traction under Schumacher's leadership.

(With inputs from agencies.)