Unilever’s CEO Hein Schumacher announced his resignation earlier today. This comes after fewer than 18 months on the job.
Schumacher will step down at the end of May, to be replaced by Fernando Fernandez, who is currently Unilever’s CFO.
Who is Fernandez? How will his experience prepare him for the role of CEO?
Roles within Unilever
Fernandez has been with the company for almost 40 years, and like with Laurent Freixe, Nestlé‘s CEO who was appointed last year, he is a hire with deep experience in the company.
This is in stark contrast to with Schumacher, who has worked in various roles and at many businesses over the years before joining Unilever in 2023.
Fernandez has held the role of Unilever CFO since January 2024. Furthermore, he took on supply chain and procurement, digital & technology and business services as recently as January this year.
These are only his most recent roles at Unilever. Prior to this, he was the president of Unilever’s Beauty and Wellbeing business group.
Previous to this, he has taken up a range of roles within the company, including as executive vice president (EVP) of Brazil and Latin America, senior vice president (SVP) of the Philippines, vice president of hair care for both Latin America and Europe, and a range of other roles.
Fernandez joined the company in 1988, starting out as a production cost analyst in Argentina.
He is an economist and graduated from the University of Buenos Aires in 1990.
What will he do?
Fernandez said in a statement that he aims to focus on building “a future-fit portfolio with an attractive growth footprint,” and to focus on “unmatched functional and perceivable superiority” in the company’s top 30 power brands.
Chairman Ian Meakins praised Fernandez’s “decisive and results-oriented approach” and his ability to “drive change at speed.”
Fernandez is key to driving the productivity programme, and has a “love of brands,” Meakins says. Importantly, he has “a profound knowledge of Unilever’s operations.”
From 1 March, Srinivas Phatak, currently Unilever’s deputy chief financial officer and group controller, will become acting CFO.