Unilever Picks Insider as New CEO -- Update
29 November 2018 - 9:29AM
Dow Jones News
By Saabira Chaudhuri
Unilever PLC on Thursday named Alan Jope as its next chief
executive, turning to a company veteran to replace CEO Paul Polman
at a crucial time for the consumer giant.
The appointment of Mr. Jope, a longtime Unilever executive who
heads the beauty and personal care business, indicates the
company's increased emphasis on building the higher-margin personal
care unit will likely continue.
The job atop the maker of Dove soap and Hellmann's mayonnaise is
one of the highest-profile posts in corporate Europe but comes with
a raft of challenges that have buffeted makers of
consumer-products.
The industry is grappling with changing consumer tastes, rising
commodity costs, volatile emerging markets and fierce competition
from Amazon.com Inc. and discount chains that are increasingly
launching own-label products.
That turmoil has triggered an unprecedented series of CEO
departures.
Unilever itself has been searching for new leadership for a
year, hiring an executive search firm last November to help find a
successor to Mr. Polman, who has led the company for a decade.
That effort had stepped up of late after Mr. Polman failed to
win investor support for a move to consolidate the company's
British and Dutch operating units and make Rotterdam its sole
headquarters.
Mr. Jope, 54, was seen by analysts as a leading candidate to be
Unilever's next CEO.
He has led the company's largest division since 2014 and
regularly presents to investors. He previously has worked for the
company in Asia and the U.S. after joining the company as a
graduate marketing trainee in 1985.
My. Jope will start his new job as CEO on Jan. 1 with Mr. Polman
staying on to assist with the transition through the first half of
next year, the company said.
Under Mr. Polman's leadership, Unilever has shifted more toward
faster-growing segments in personal and home care while jettisoning
lagging food businesses like spreads and pasta sauce. Notable
acquisitions include hair and beauty brand Alberto Culver, online
razor-delivery startup Dollar Shave Club and Australian tea
business T2. Those and a string of other small deals in areas like
high-end skin care and upscale condiments have been broadly
welcomed by investors, with Unilever's stock has outperforming
rivals in recent years.
Mr. Polman, a former P&G and Nestlé executive, also last
year fended off a $143 billion takeover approach from Kraft Heinz
Co. Since then he has launched share buybacks, raised margin
targets and tried to make the company more agile and responsive to
local competition.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
November 29, 2018 03:14 ET (08:14 GMT)
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