Unilever has reportedly commenced the hunt for a new chair as a shake-up of its senior level continues to unfold.
The Ben and Jerry’s and Dove soap maker is said to have drafted in the executive search firm Spencer Stuart to scour for a new chair to replace Nils Anderson, according to reports in Bloomberg.
The consumer goods giant has overhauled its top level management in recent months, also waving goodbye to chief financial officer Graeme Pitkethly. Hein Schumacher will become the company’s new CEO in July, taking over from Alan Jope.
Reports of a rejig have been brewing for some time, with the Financial Times reporting over a year ago that the consumer goods giant was facing pressure from activist investor and American billionaire Nelson Peltz to reshape the brand after he built a stake in the business through his firm Trian Fund Management.
It came after Unliever failed to take over GSK’s consumer goods business for £50bn, a move which was said to have been criticised by investors.
So far this year, Unilever has raised its profit expectations after it has been racking in strong sales off the back of rising prices – with underlying sales growth up 10.5 per cent to almost £10.1bn (€11.5bn) in the first quarter.
Victoria Scholar, head of Investment, interactive investor said: “Unilever has reportedly hired executive search firm Spencer Stuart to help with the appointment of a new chair to replace Nils Andersen. According to Bloomberg, the consumer goods giant is revamping its leadership team ‘after a series of missteps in recent years.’
“Hein Schumacher will become the company’s new CEO in July, taking over from Alan Jope and CFO Graeme Pitkethly is retiring in 2024. Activist investor Nelson Peltz is understood to have been instrumental in terms of driving the C-suite shake-up.”
Unilever’s share price was down 0.28 per cent today when markets opened.
City A.M . has contacted Spencer Stuart and Unilever for a comment.