Unilever Plc (LON: ULVR) saw its shares rise as the consumer products giant announced an expansion of its stock buyback program and acknowledged the need for improvement under the leadership of its CEO.
The company revealed plans for a new $1.61 billion share repurchase program set to commence in the second quarter. This follows the completion of its previous $3.22 billion stock buyback in 2023.
Despite challenges, Unilever reported a 3% decline in fourth-quarter revenue to $15.3 billion, attributed to shrinking market share in North America and Europe. Full-year revenue also dipped by 0.8%.
CEO Hein Schumacher, who assumed leadership in January 2023, acknowledged the company’s disappointing competitiveness and emphasized the need for overall performance improvement. Unilever initiated a “Growth Action Plan” in October, focusing on enhancing growth quality, increasing productivity and simplicity, and strengthening performance metrics.
Schumacher highlighted that while the turnaround efforts are still in their early stages, Unilever is swiftly and urgently working to transform into a consistently high-performing business.
Have you read?
Ranked: Countries with Highest (and Lowest) Rates of Infant Mortality, 2024.
Ranked: Countries That Waste the Most Food In The World, 2024.
Ranked: Countries with highest malaria death rates in the world, 2024.
Ranked: These are the countries with the highest (and lowest) death rate from malnutrition, 2024.
Revealed: 100 Best-Selling Mobile Phones of All Time.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
