Unilever's (UL.US) CEO has announced their sudden departure after less than two years in the role.

Hein Schumacher, the chief executive of Unilever (UL.US), has unexpectedly announced he will step down from the helm of the consumer goods giant after less than two years.

The company said current CFO Fernando Fernandez will take over the role. Fernandez previously led the company's Latin America division and its beauty and personal care business, one of its fastest-growing units.

Schumacher, a Dutch national, took over as CEO in July 2023, replacing Alan Jope, when investor confidence in the group was at a low. The executive, who had been with the company for more than 20 years, immediately embarked on a series of reforms, including plans to spin off its ice cream business and cut costs. He has also been working to shift the company from price-driven growth to a model focused on volume expansion, after a period of high inflation.

Under Schumacher's tenure, Unilever's shares have risen 9.4%. The CEO change will take effect in March, with Schumacher officially leaving on May 31.

Schumacher's reform efforts have been challenged by weak consumer confidence in China and the US, which are key markets for the company that makes Hellmann's mayonnaise and Knorr soups.

Earlier this month, Unilever said its ice cream business would be mainly listed in Amsterdam and would have a secondary listing in London and New York when it splits off this year. The company also reported that fourth-quarter underlying sales grew 4%, slightly above expectations, and said it expects profit to improve in 2025.

The company said its 2025 guidance remains unchanged.

Unilever chairman Ian Meakins said the decision to step down was mutual and praised Fernandez's "decisive and results-oriented approach."

He added in a statement on Tuesday: "While the board is satisfied with Unilever's performance in 2024, there is still a long way to go to achieve industry leadership."