Unilever's New CEO Sets Out Plan to Improve Performance After 3Q Sales Drop -- Update

By Michael Susin

Unilever's new chief executive, Hein Schumacher, set out a plan for the coming years aimed at remedying some of the group's underperformance as it reported a fall in third-quarter sales but backed its full-year guidance.

The Anglo-Dutch retailer--which owns consumer brands such as Ben & Jerry's ice cream and Dove soap--on Thursday said it will focus on its 30 main brands, shift from gross savings to net productivity and make several changes on the leadership team.

"This action plan leverages Unilever's many capabilities and looks to accelerate areas where we are already making progress. In all areas we are focused on fewer things, done better, with greater impact," the company said.

Unilever also said it has appointed current president of beauty and wellbeing business, Fernando Fernandez, as chief financial officer with effect from Jan. 1. Fernandez replaces Graeme Pitkethly, who will retire from the company earlier this year.

The retailer reported quarterly underlying sales growth of 5.2% on year, in line with the company-provided market consensus.

Unilever said it continues to expect underlying sales growth for 2023 to be above 5%.

The board declared a quarterly dividend of 42.68 European cents, same as a year ago.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

October 26, 2023 03:07 ET (07:07 GMT)

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