The Lemon Fool

Unilever today announced that Graeme Pitkethly, Chief Financial Officer, has informed the Board of his intention to retire from the company by the end of May 2024.

The Board will now proceed with a formal internal and external search for his successor.

Unilever CEO Alan Jope said: "I would like to thank Graeme for his tremendous contribution to Unilever over the last 21 years. As CFO, he has brought great leadership to our company and been instrumental in sharpening our strategy and driving a step-up in our operational performance."

Unilever Chairman Nils Andersen said: "On behalf of the Board I would like to thank Graeme for his service to Unilever, and wish him well for the future. He has been a highly valued member of the Board throughout the last eight years, and a strong and dynamic leader of our business. I look forward to continuing to work with him in the months ahead."

Dod101 wrote:I think that is a good thing. 21 years is a long time in the CFO post when you see how often they change in most companies, HSBC, Shell, and so on. Some new thinking is required. He was the man who supported the failed move to Amsterdam.

With the change to the CEO coming up as well, a change all round is surely a good thing.

Dod

Unilever Plc has is seeking a new board chair to replace Nils Andersen, continuing an overhaul of its leadership after a series of missteps in recent years frustrated shareholders.

idpickering wrote:Unilever hunts for new chair after botched takeover, investor rows.

Unilever Plc has is seeking a new board chair to replace Nils Andersen, continuing an overhaul of its leadership after a series of missteps in recent years frustrated shareholders.

https://www.business-standard.com/compa ... 205_1.html

Ian.

Dod101 wrote:

idpickering wrote:Unilever hunts for new chair after botched takeover, investor rows.



https://www.business-standard.com/compa ... 205_1.html

Ian.

If that is true that is surely good news. He has been an uninspiring chairman but I am a bit concerned at all the top jobs changing at once.

Dod

monabri wrote:Not exactly good publicity!

viewtopic.php?p=599574#p599574

First half highlights

• Underlying sales growth of 9.1%, driven by all Business Groups, with 9.4% price growth and (0.2)% volume

• Turnover increased 2.7% to €30.4 billion, with (3.2)% from currency and (2.7)% from disposals net of acquisitions

• Underlying operating profit improved 3.3% to €5.2 billion, with a 10bps margin improvement to 17.1%

• Underlying earnings per share improved 3.9%, diluted EPS up 23.6%, boosted by profit on disposals and lower restructuring spend

• Completed third €750 million tranche of our ongoing share buyback programme of up to €3 billion

• Brand and marketing investment increased €0.4 billion in constant exchange rates

• Our billion+ Euro brands, accounting for 55% of Group turnover, delivered underlying sales growth of 10.8%, led by strong performances from Rexona, Hellmann's, OMO, Sunsilk and Lux

• Continued portfolio reshaping with the announced acquisition of the frozen yoghurt brand Yasso and the sale of the Suave brand in North America

Chief Executive Officer statement

"Unilever's performance in the first half highlights the qualities that attracted me to the business: an unmatched global footprint, a portfolio of great brands and a team of talented people.

My early immersion in the business has confirmed my belief in Unilever's strong fundamentals. The task ahead is to leverage these core strengths - supported by our simplified operating model - to drive improved performance and competitiveness. This is our absolute priority and it will mean bringing greater focus and sharper execution, with science-backed innovations and investment behind our brands.

This opportunity to step up our performance and unlock our full potential makes it an exciting time to lead Unilever. I look forward to sharing further details when we report our Q3 results in October."

And later;

The Board has declared a quarterly interim dividend for Q2 2023 of £0.3700 per Unilever PLC ordinary share or

€0.4268 per Unilever PLC ordinary share at the applicable exchange rate issued by WM/Reuters on 21 July 2023. The following amounts will be paid in respect of this quarterly interim dividend on the relevant payment date:

Per Unilever PLC ordinary share (traded on the London Stock Exchange):

£0.3700

Ex dividend 03 Aug 23, paid 31 Aug 23.

Appointment of Non-Executive Director and Chair Designate

London, 28 July 2023. Unilever PLC ("Unilever") is pleased to announce the appointment of Ian Meakins as a Non-Executive Director and Chair Designate following a comprehensive search process.

Ian will join the Board as Non-Executive Director and Chair Designate on 1 September 2023 and will succeed Nils Andersen as Chair on 1 December 2023. Nils will step down from the Board, after nine years' service, at Unilever's Annual General Meeting in May 2024.

Ian is currently Chair of Compass Group PLC and Rexel SA, and has significant global business experience across a diverse range of industries. He served as Chief Executive of Wolseley plc (now Ferguson plc) from 2009 to 2016, Chief Executive of Travelex Holdings Ltd from 2007 to 2009 and as Chief Executive of Alliance Unichem plc from 2004, until its merger with Boots in 2006. Previously he held positions at Diageo, Bain & Company, and Procter & Gamble.

Nils Andersen said: "I am delighted to welcome Ian to the Board following a thorough global search process. Ian has a strong track record of success in executive and non-executive roles across a range of industries. I am sure Unilever will greatly benefit from his extensive experience and I am confident that he will provide the Board with strong and effective leadership."

Ian Meakins said: "It is a great honour to have been asked to succeed Nils as Chair of Unilever. I look forward to working with the Board and with Hein and his leadership team to help realise Unilever's full potential and create value for all its stakeholders."

Hein Schumacher, Unilever CEO, said: "On behalf of the Board, I would like to thank Nils for his excellent leadership of our company as Chair over the last four years.

Unilever PLC announces the successful completion of the fourth and final tranche of its share buyback programme of up to €3 billion initially announced on 10 February 2022 (the 'Programme').

Under the fourth tranche of the Programme, which began on 8 September 2023, a total of 16,181,572 ordinary Unilever PLC shares were purchased and placed in treasury. As a result, Unilever PLC holds a total of 16,181,572 ordinary shares in treasury and has a total of 2,500,415,766 ordinary shares in issue (excluding treasury shares).

Under the first three tranches of the Programme, a total of 49,770,289 ordinary Unilever PLC shares were purchased, and subsequently cancelled on 2 August 2023.

Gerry557 wrote:I wonder what the average price was for the buyback and if it was worth it. I suppose if they get back to some growth it might

Dod101 wrote:

Gerry557 wrote:I wonder what the average price was for the buyback and if it was worth it. I suppose if they get back to some growth it might

Would be interesting to know but the share price is Los compared to competitors and it will reduce the number of shares in issue so should help the dividend per share.

Dod

Gerry557 wrote:

Dod101 wrote:Would be interesting to know but the share price is Los compared to competitors and it will reduce the number of shares in issue so should help the dividend per share.

Dod

I agree with what to say ref the dividend but if they had given me the money direct I could choose when or if to buy the shares. Probably would have got a better divi yield too.

Looking back over the period the share price has dropped from over £41 to £39 and back to nearly £40. So not much change but that's short term and the longer term the buyback might be more fruitful.

I suppose for some it might save some tax issues. Surprised it didn't dip more in spring like it usually does.

Third quarter highlights

• Underlying sales growth of 5.2% with 5.8% price growth and (0.6)% volume decline

• Underlying price growth continues to moderate as inflation eases, with underlying volumes now positive in Beauty & Wellbeing, Personal Care and Home Care

• Turnover decreased (3.8)% to €15.2 billion with (8.0)% from currency and (0.6)% from disposals net of acquisitions

• Our billion+ Euro brands, accounting for 56% of Group turnover, delivered underlying sales growth of 7.2%, with 5.7% price growth and 1.4% volume growth, led by strong performances from Dove, Hellmann's, Rexona and Sunsilk

• Our 2023 outlook remains unchanged with underlying sales growth above 5% and a modest improvement in underlying operating margin

• Today we set out an action plan focused on: faster growth, greater productivity and simplicity, powered by a stronger performance culture. These targeted actions will address the gap between our past performance and potential, delivering improved value creation

Chief Executive Officer statement

"Unilever is a company with strong fundamentals: a portfolio of great brands used by 3.4 billion people each day, number one or two category positions across 80% of its turnover, an unrivalled global footprint, and a team of talented people.

Despite these strengths, our performance in recent years has not matched our potential. The quality of our growth, productivity and returns have all under-delivered.

Today we are setting out our action plan to close this gap. We will drive faster growth by stepping up innovation and investment behind our Power Brands; we will drive simplicity and productivity, leveraging the full strength of our operating model; and we will sharpen our performance culture through strong leadership and stretching goals.

I am excited about what we can achieve by delivering on these three priorities, as we focus on unlocking Unilever's full potential in the months and years ahead."

And later;

Dividends

The Board has declared a quarterly interim dividend for Q3 2023 of £0.3715 per Unilever PLC ordinary share or €0.4268 per Unilever PLC ordinary share at the applicable exchange rate issued by WM/Reuters on 24 October 2023.

The following amounts will be paid in respect of this quarterly interim dividend on the relevant payment date:

Dividend £0.3715, ex div 16 Nov 23, paid 08 Dec 23.

Unilever today announced Fernando Fernandez as its new Chief Financial Officer after a thorough internal and external search process.