Unilever PLC (LSE:ULVR) chief executive Hein Schumacher will step down next week after less than two years in charge.
The Anglo-Dutch consumer goods giant, maker of Domestos, Dove, Hellman's and Marmite, has decided to promote finance chief Fernando Fernandez to the CEO role instead.
Fernandez started as chief financial officer in January last year, following a 22-month stint as president of the FTSE 100 company's Beauty & Wellbeing division.
Before that, the company said he was president of the Latin America arm and CEO of the Brazil and Philippines businesses.
Schumacher's departure, said to be "by mutual agreement", will see him leave the CEO role on 1 March and he will leave the company on 31 May.
Chairman Ian Meakins hailed the launch of a productivity programme and the process to spin off the ice cream divison under Schumacher, both of which he said remain "fully on track".
On Fernandez, he said the board has been impressed with his "decisive and results-oriented approach and his ability to drive change at speed".
He added: "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 very confident in his ability to lead a high-performing management team, realise the benefits of the GAP with urgency, and deliver the shareholder value that the company's potential demands."
The search for a new CFO has begun, with deputy chief financial officer and group controller Srinivas Phatak becoming acting CFO in the meantime.
Shares fell 3.1% to 4,348p in early trades.