7.5% Increase for Unilever’s CFO Fixed Pay as Executive Reshuffle Expands

Unilever has announced a series of executive leadership changes, including an expansion of responsibilities for CFO Fernando Fernandez. Effective January 1, Fernandez will oversee supply chain and procurement, digital and technology, and business services in addition to his existing duties. The company disclosed that Fernandez, a 37-year Unilever veteran, will receive a 7.5% increase in fixed pay as part of the changes.

This executive restructuring aligns with Unilever’s “Growth Action Plan 2030,” which includes a strategic separation of its ice cream business. In a prior announcement, the company explained that the ice cream segment operates under a distinct model, prompting the board’s decision to spin off the brands to foster growth for both Unilever and the ice cream division.

The latest reshuffle follows a similar wide-scale executive restructuring approximately a year ago, during which Fernandez was appointed CFO. Before stepping into his current role, he held several key positions at Unilever, including President of Beauty and Wellbeing and EVP of Unilever Latin America. He succeeded Graeme Pitkethly as CFO, who transitioned to a directorial role until May 2024. At the time of his appointment, Fernandez’s compensation package included an annual fixed salary of $1.24 million, along with bonus opportunities and relocation support.

In addition to Fernandez’s expanded role, Unilever appointed Reginaldo Ecclissato as President for One Unilever Markets. Ecclissato previously served as Chief Business Operations and Supply Chain Officer. Willem Uijen, formerly Chief Procurement Officer, will now assume the position of Chief Supply Chain Officer, reporting directly to Fernandez.

The leadership adjustments come as Unilever pursues a comprehensive strategy under CEO Hein Schumacher, who took the helm in July. Schumacher’s growth plan emphasizes core brands such as Hellmann’s and Dove, which collectively contribute over 85% of the company’s revenue. The plan also involves significant restructuring, including a workforce reduction of approximately 7,500 employees and a streamlined business approach through the divestment or spin-off of the ice cream segment, home to brands like Magnum and Ben & Jerry’s.

Unilever reported being “on track” with the separation of its ice cream division, which generated $2.5 billion in sales during the third quarter of 2024. The company’s total revenue for the quarter reached around $16 billion.

While Unilever had initially explored a sale of the ice cream business, estimated at $19.5 billion, to private equity firms such as Advent International and Blackstone, it reconsidered the approach in November. Current plans lean toward a public listing for the segment, although private equity firms remain hopeful for a potential sale. Reports indicate that banks had secured approximately $9.5 billion in debt financing should Unilever revisit the sale option.

As Unilever advances its strategic objectives, the expanded roles for key executives, including Fernandez, underscore the company’s commitment to transforming its business and positioning for future growth.

Have you read?
Best CEOs.
Best Companies.
Richest People (Billionaire).
Richest Women (Billionaire).
Richest in Each Country (Billionaire).