By Scott Kanosky
Investing.com – Unilever PLC (LON 🙂 has announced that CEO Alan Jope will be retiring from the consumer goods company at the end of next year.
In a statement, Job – who will serve as CEO for five years when he leaves in 2023 – said it was an “opportune time” for Unilever’s board of directors to begin the search for his successor.
“Growth remains our top priority, and in the coming quarters I will remain fully focused on the disciplined implementation of our strategy, and capitalizing on the full benefits of our new organization,” Job added.
The London-based company, whose brands include Hellman’s Spices and Dove Soaps, said it would begin a formal study of both internal and external candidates to replace Job.
Chairman Nils Andersen credited Jope with overhauling Unilever’s strategy, structure and organization, which had put her “solidly” in a position to succeed.
Analysts at Jefferies said they see Jope’s retirement as a positive development because the extended lead time before his term at Unilever expires will help maintain continuity in the company’s management.
Shares in Unilever rose in early trading Monday after the announcement.
In July, Unilever raised its annual sales growth guidance above the previous range of 4.5% to 6.5%, citing the impact of price increases to combat rising input costs. The group said these higher prices would also help offset the potential decline in overall sales volumes.
But Job warned that the pressure from higher inflation will increase further in 2022, while the global macroeconomic outlook remains “uncertain”.