Unilever CEO Alan Jope has announced his intention to retire from the company at the end of 2023, the company said.
The CEO change comes as Unilever seeks to reinvigorate growth while grappling with rising input costs and broad economic uncertainty. Last year the London based conglomerate failed to buy GSK’s consumer healthcare business, disappointing investors.
Unilever’s board will now proceed with a formal search for a successor and will consider both internal and external candidates.
“Unilever has seen improved performance, enabled by its clear strategic choices and a significant company transformation. Alan’s retirement next year will mark the end of a remarkable career with Unilever,” Unilever Chairman Nils Andersen said in a statement.
Unilever’s shares rose almost 4% in early trading, hitting their highest since August last year.
“As I approach my fifth year as CEO, and after more than 35 years in Unilever, I believe now is the right time for the board to begin the formal search for my successor,” Jope said. “Growth remains our top priority, and in the quarters ahead I will remain fully focused on disciplined execution of our strategy and leveraging the full benefits of our new organization.”