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Unilever has announced that Hein Schumacher is stepping down as CEO after less than a year in the role and will be replaced by Fernando Fernandez, the current chief financial officer. The change will come into effect on 1 March 2025.

It is understood that the decision was made at a board meeting on Monday. The news comes as Unilever shares fall by 3%, leaving it at the bottom of the FTSE 100 index.

Unilever’s chairman, Ian Meakins, said: “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 confident in his ability to lead a high performing management team, realise the benefits of the growth action plan with urgency and deliver the shareholder value that the company’s potential demands.”

Schumacher commented: “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 in place, I look forward to seeing Unilever move from strength to strength in the future.”

Fernandez added: “Being appointed as CEO of Unilever is an honour. 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 in the future.”

The leadership change at Unilever is not expected to impact its strategy for the year ahead. Meanwhile,

a search process is now underway to appoint a permanent CFO.