Schumacher, who has held the chief executive role since July 2023, is stepping down on 1^st March and will leave the company on 31^st May, Unilever said in an announcement.

Based in London, Fernandez (pictured) joined Unilever in 1988 and has been the company’s financial chief since January 2024. Prior to that, he was president of the FMCG giant’s beauty and wellbeing business.

He also previously held the roles of president of Latin America, chief executive of Brazil, and chief executive of the Philippines.

Schumacher was appointed chief executive in July 2023 and has led a productivity programme and started the process of spinning off the ice cream business, which is underway.

Unilever chairman Ian Meakins said: “On behalf of the board, I would like to thank Hein for resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024.

“The growth action plan (GAP) has put Unilever on a path to higher performance and the board is committed to accelerating its execution.”

Meakins added: “The board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed. He partnered in the development of the GAP and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.

“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.”

Srinivas Phatak, currently Unilever’s deputy chief financial officer and group controller, will become acting chief financial officer from 1^st March. The company is beginning the process of appointing a permanent replacement for Fernandez.