Unilever has ousted chief executive Hein Schumacher after less than two years, replacing him with chief financial officer Fernando Fernandez as the consumer goods group steps up efforts to revive its fortunes. Schumacher, who has led the group since July 2023, will step down by “mutual agreement” on March 1, Unilever said on Tuesday.

In a surprise announcement, Unilever said its CEO was leaving and Fernando Fernandez, currently Unilever's chief financial officer and executive director, will replace him on March 1.

Unilever’s board elevated CFO Fernando Fernandez as CEO. The Anglo-Dutch FMCG major hailed Fernanadez’s ability to ‘drive change at speed,’ hinting that the board seeks a faster revival.