{"id":244361,"date":"2023-05-30T11:16:16","date_gmt":"2023-05-30T11:16:16","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=244361"},"modified":"2023-05-30T11:16:16","modified_gmt":"2023-05-30T11:16:16","slug":"unilever-cfo-to-depart-as-inflation-intensifies","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/unilever-cfo-to-depart-as-inflation-intensifies\/","title":{"rendered":"Unilever CFO to Depart as Inflation Intensifies"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\">BNR<\/a> &#8211; Unilever Plc said on Tuesday that its Chief Financial Officer will be leaving after more than two decades with the company. CFO Graeme Pitkethly will depart the consumer products firm at the end of May 2024.<\/p>\n<p style=\"text-align: justify;\">Pitkethly, who has been with the <a href=\"https:\/\/www.dove.com\/us\/en\/home.html\">Dove<\/a> soap brand owner\u00a0since 2002, took over as finance head in 2015, succeeding Jean-Marc Hut. The 56-year-old was formerly executive VP\u00a0of Unilever\u2019s UK and Ireland operations. Also, he served as head of M&amp;A and treasury.<\/p>\n<p style=\"text-align: justify;\">His retirement comes at a time when Unilever is dealing with severe cost inflation and margin pressure. This is a result of rising energy and commodity prices. Unilever is not alone in this problem; the whole consumer products business is in distress.<\/p>\n<h3>Unilever Successor Recruitment<\/h3>\n<p style=\"text-align: justify;\">The corporation said that it will conduct\u00a0formal internal and external recruitment for Pitkethly\u2019s replacement. Unilever did not specify why he intended to leave the company.<\/p>\n<p style=\"text-align: justify;\">Unilever is one of the world\u2019s largest consumer firms, with over 400 products spanning from detergent to ice cream. The company named Hein Schumacher as CEO in January to succeed Alan Jope.<\/p>\n<p style=\"text-align: justify;\">Investors, including board member and activist shareholder Nelson Peltz, applauded the action.<\/p>\n<h3 style=\"text-align: left;\">Management Restructuring<\/h3>\n<p style=\"text-align: justify;\">Pitkethly\u2019s departure is not surprising, according to Tineke Frikkee, a fund manager at Unilever shareholder Waverton Investment Management. She said that this will allow the next CEO to restructure his management team.<\/p>\n<p style=\"text-align: justify;\">\u201cEight years as CFO of a multinational is a decent time,\u201d Frikkee said. \u201cRetiring in May 2024 should enable a useful handover to a new CFO.\u201d<\/p>\n<p style=\"text-align: justify;\">Conny Braams, Unilever\u2019s chief digital and commercial officer, also announced his intention to depart the firm\u00a0in August.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; Unilever Plc said on Tuesday that its Chief Financial Officer will be leaving after more than two decades with the company. CFO Graeme Pitkethly will depart the consumer products firm at the end of May 2024. Pitkethly, who has been with the Dove soap brand owner\u00a0since 2002, took over as finance head in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":244363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,2081],"tags":[11422,11424,278,11423,11425,11421],"class_list":["post-244361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-2081","tag-cfo","tag-dove","tag-featured","tag-graeme-pitkethly","tag-retirement","tag-unilever"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Unilever CFO to Depart as Inflation Intensifies - Business News Report<\/title>\n<meta name=\"description\" content=\"Unilever Plc said on Tuesday that its Chief Financial Officer will be leaving after more than two decades with the company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/unilever-cfo-to-depart-as-inflation-intensifies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unilever CFO to Depart as Inflation Intensifies - 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