Unilever has announced the departure of CEO Paul Polman. He will be replaced by Alan Jope, leader of the company’s Beauty & Personal Care division.

Paul Polman has been with the company for over 10 years, working in the consumer goods industry for almost four decades. Whilst in the position of CEO, the company was able to deliver consistent top and bottom line growth ahead of its markets. Moreover, the company was able to give strong returns for its shareholders. Indeed, over the period, there was a Total Shareholder Return of 290%.

Unilever is one of the biggest firms on the FTSE 100.

Paul Polman will be replaced by Jope, who led the company’s largest division since 2014. Moreover, he has been on the company’s Leadership Executive since 2011.

Chairman Marijn Dekkers, commented:

“Paul is an exceptional business leader who has transformed Unilever, making it one of the best-performing companies in its sector, and one of the most admired businesses in the world. His role in helping to define a new era of responsible capitalism, embodied in the Unilever Sustainable Living Plan, marks him out as one of the most far-sighted business leaders of his generation.”

“Paul’s vision, drive and performance focus, combined with his commitment to serving the best long-term interests of the company, have materially strengthened Unilever. He leaves a more agile and resilient company, well placed to win in this fast-changing, dynamic industry. I’d like to thank him personally, and on behalf of the Board, for his contribution to Unilever.”

“After a rigorous and wide-ranging selection process, the Board is delighted to appoint Alan to the role. Having worked for Unilever in a variety of senior management roles, Alan has a deep understanding and experience of our business, the industry, and the markets in which we operate. He is a strong, dynamic and values-driven leader with an impressive track record of delivering consistent high-quality performance. The Board warmly welcomes Alan to the role and wishes him every success.”

In October, we reported that Unilever had scrapped plans for a Rotterdam HQ. This was as a result of shareholder backlash over the announcement of a potential HQ move. The revolt of its influential investors put the jobs of Unilever’s bosses at risk.

At 08:59 GMT today, shares in Unilever (LON:ULVR) were trading at +0.68%.