KEY TAKEAWAYS Unilever said Tuesday that Hein Schumacher is stepping down after less than two years as chief executive of the consumer goods giant.Schumacher will be replaced by CFO Fernando Fernandez,

The surprise exit of Hein Schumacher comes less than two years after he took on the top role at the consumer-goods giant.

Unilever’s revelation of the sudden departure of Hein Schumacher – before he could celebrate a second summer as CEO – seemed shrouded in mystery. But the devil might just be in the detail – in the case of Unilever,

Unilever has ousted chief executive Hein Schumacher after its board lost patience with the pace of his turnaround plan for the London-listed group, replacing him with chief financial officer Fernando Fernandez.

Unilever surprised investors on Tuesday by ousting chief executive Hein Schumacher and replacing him with finance chief Fernando Fernandez, who will focus on speeding up the execution of the consumer group's turnaround strategy.

In a surprise announcement, Unilever said its CEO was leaving and Fernando Fernandez, currently Unilever's chief financial officer and executive director, will replace him on March 1.

LONDON — Unilever has named its current chief financial officer Fernando Fernandez as its chief executive officer. Fernandez is replacing Hein Schumacher, who is stepping down on March 1.

Unilever's board, which includes billionaire activist investor Nelson Peltz, was unified in its decision to oust CEO Hein Schumacher, a source familiar with the board's thinking told Reuters.

Unilever has announced Hein Schumacher will step down as CEO within days, just 18 months after he joined the consumer goods giant from FrieslandCampina. In a statement to the London Stock Exchange today (25 February),

Unilever CEO Hein Schumacher is stepping down after less than two years in the job, the company said Tuesday. Current CFO Fernando Fernandez is set to take his place leading the company, effective March 1.