Unilever’s revelation of the sudden departure of Hein Schumacher – before he could celebrate a second summer as CEO – seemed shrouded in mystery. But the devil might just be in the detail – in the case of Unilever,

Unilever has ousted chief executive Hein Schumacher after its board lost patience with the pace of his turnaround plan for the London-listed group, replacing him with chief financial officer Fernando Fernandez.

In a surprise announcement, Unilever said its CEO was leaving and Fernando Fernandez, currently Unilever's chief financial officer and executive director, will replace him on March 1.

Unilever's board, which includes billionaire activist investor Nelson Peltz, was unified in its decision to oust CEO Hein Schumacher, a source familiar with the board's thinking told Reuters.

Unilever said Hein Schumacher is stepping down as chief executive and will be replaced by finance chief Fernando Fernandez. The consumer-goods giant said Schumacher would step down by mutual agreement on Saturday before leaving the company on May 31.

Unilever has announced Hein Schumacher will step down as CEO within days, just 18 months after he joined the consumer goods giant from FrieslandCampina. In a statement to the London Stock Exchange today (25 February),

"The step-up from CFO to CEO by Fernandez will be liked by many investors," Jefferies analyst David Hayes said of the Unilever CEO transition.

Schumacher defended his approach and record as CEO and said he regretted leaving Unilever earlier than anticipated.

Hein Schumacher is stepping down from his role as Unilever CEO and as a board director after less than two years on the job. Schumacher will leave the company on May 31. Fernando Fernandez, who currently serves as Unilever's chief financial officer and executive director,