Unilever starts search for new chair - report

Unilever has reportedly appointed executive search firm Spencer Stuart to seek a new board chair to replace Nils Andersen.

Bloomberg cited people familiar with the matter as saying that the consumer goods giant hired the search firm after a run of missteps fuelled investor frustration.

Unilever has shaken up senior management since appointing activist investor Nelson Peltz to the board last year. Hein Schumacher will become CEO in July, replacing Alan Jope, while chief financial officer Graeme Pitkethly plans to retire next year.

Victoria Scholar, head of investment at Interactive Investor, said: "Nils Anderson has been chairman since November 2019 with shares down under his tenure, underperforming the FTSE 100.

"A new leadership team could help offset recent criticism of profiteering and put its failed acquisition of GSK’s consumer healthcare division to the past."