Wide-moat Unilever (ULVR) has named existing board member and Royal FrieslandCampina boss Hein Schumacher as its new chief executive.
Schumacher has been CEO of the Dutch dairy co-operative since 2018. He joined the Unilever board as a non-executive director in October last year.
He will begin as Unilever CEO on July 1, after a one-month handover period. Hein will replace Alan Jope, who announced in September 2022 his intention to retire from the London-based consumer goods company.
Unilever chair Nils Andersen said: “Hein is a dynamic, values-driven business leader who has a diverse background of experiences and an excellent track record of delivery in the global consumer goods industry. He has exceptional strategic capabilities, proven operational effectiveness, and strong experience in both developed and developing markets.
“I would also like to take this opportunity to thank Alan for his leadership of Unilever. The changes he has made to the company’s strategy, structure and organisation leave Unilever far better positioned for success. Alan will continue to lead Unilever until the end of June. He will be retiring after a tremendous 37-year career with our business.”
Jope’s stint has Unilever CEO has been marred of late by shareholder pressure.
The Dove soap maker added prominent shareholder Nelson Peltz to its board in May, raising expectations of a shake-up at the company. Jope came under pressure in early 2022 after Unilever’s failed approach to buy GSK’s consumer health arm.
All Change
Legal & General (LGEN) on Monday said chief executive Nigel Wilson plans to step down, after more than a decade in post.
Wilson joined the London-based life insurance and financial services provider in 2009 as chief financial officer and was appointed to CEO in 2012.
During his time at L&G, the company said, Wilson exceeded financial and operational targets, delivering positive outcomes for customers and shareholders.
The stock was down 2.2% at 255p each on Monday morning in London. L&G shares have more than doubled since the start of 2012, when they stood around 112p.
L&G has begun the process to appoint a successor, considering both internal and external candidates.
Wilson will continue as CEO until his successor starts. It is planned that this process will take around a year.
Chair John Kingman said: “He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment. Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.”
Back in August, L&G reported a 2.8% rise in pretax profit to £1.44 billion in the half-year that ended June 30 from £1.40 billion a year before. Gross written premiums were 55% higher at £6.61 billion from £4.26 billion.
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