Consumer group Unilever surprised investors on Tuesday by replacing chief executive Hein Schumacher with finance chief Fernando Fernandez, who will take on the tough task of reviving the consumer group's performance.

Unilever has ousted chief executive Hein Schumacher after less than two years, replacing him with chief financial officer Fernando Fernandez as the consumer goods group steps up efforts to revive its fortunes. Schumacher, who has led the group since July 2023, will step down by “mutual agreement” on March 1, Unilever said on Tuesday.

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