In an unexpected exit from the consumer goods giant, Unilever CEO Hein Schumacher is to give up the helm later this week.
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The company said that Hein Schumacher who joined Unilever in July 2023 would leave the firm by mutual consent later this week.
He will be replaced Unilever's current chief financial officer Fernando Fernandez.
It's understood that Schumacher will step down as CEO on 1 March and will leave the company on 31 May.
Unilever has undergone a significant turnaround since Schumacher took over, spinning off its €8bn (€7.6bn) ice cream business and launching an €800m cost-saving programme to simplify the business.
Announcing Schumacher's departure, 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.
"Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track."
In a brief comment Schumacher said: "It has been a privilege to lead Unilever. We have made real progress and I am proud of what we have achieved in a short period of time."
The new CEO Fernando Fernandez will step up from the Chief Financial Officer role having held roles across Unilever including president of beauty & wellbeing, president of Latin America, and CEO of Brazil and also the Philippines.
Shares in Unilever slipped 2 per cent in early trading on Tuesday as investors took in the news.
