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.

KEY TAKEAWAYS Unilever said Tuesday that Hein Schumacher is stepping down after less than two years as chief executive of the consumer goods giant.Schumacher will be replaced by CFO Fernando Fernandez,

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.