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☆ Unilever’s new boss whets appetite for split
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters Breakingviews) - Unilever’s new chief executive is arguably a bit low fat. The appointment of board member Hein Schumacher, CEO of Dutch dairy cooperative FrieslandCampina, will instead have investors wondering whether Unilever needs to split its food and non-food arms. Unilever’s current share price is barely 40 euros per share. (By Aimee Donnellan)Follow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Unilever names Hein Schumacher as new CEO
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: 1 min

A customer selects bar of Dove soap, a Unilever product, at a Sainsbury's supermarket in London, U.K.Consumer goods giant Unilever on Monday appointed Hein Schumacher as its new chief executive officer replacing Alan Jope from July 1. Schumacher, 51, joined Unilever in October last year as non-executive director and is currently the chief of Dutch dairy business FrieslandCampina. The London-based company had in September said that CEO Jope planned to retire at the end of 2023.

☆ Unilever names Dutch dairy boss Schumacher as new CEO
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Schumacher, 51, joined Unilever in October last year as non-executive director and is currently the chief of Dutch dairy business FrieslandCampina. The London-based company in September said that CEO Jope planned to retire at the end of 2023. Peltz, through his Trian Fund, holds a nearly 1.5% stake in Unilever, making him the fourth largest shareholder, according to Refinitiv Eikon data. Analysts at Jefferies and RBC Capital welcomed Unilever's appointment of an external CEO, saying investors will support the move. "We think Unilever needs a cultural and organisational shake up," RBC analyst James Edwardes Jones wrote in a note.

☆ Global shareholder activism sees record number of European campaigns
▼ + stars: | 2023-01-18 | by ( Amy-Jo Crowley | ) www.reuters.com time to read: +3 min

REUTERS/Benoit TessierLONDON, Jan 18 (Reuters) - Activist shareholders stepped up pressure on corporate boardrooms last year by starting 235 campaigns to shake up companies, including a record number in Europe. Activists buy up stakes in companies to lobby for change that they hope will improve a target’s share price. Large-cap companies with a value $25 billion or more accounted for the biggest share of overall campaigns, while technology and industrial companies accounted for roughly four in ten campaigns. Lazard's report said that while the number of activist campaigns rose sharply last year, activist investors’ returns were hit by tumbling public market performance especially in the United States. Mergers and acquisitions-related campaigns, including "sell the company" demands, also made a come-back and represented 41% of all campaigns, despite global dealmaking suffering a fall last year.

☆ Unilever CEO: Inflation is at its peak, but further price rises are still to come
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnilever CEO: Inflation is at its peak, but further price rises are still to comeAlan Jope, CEO of consumer goods giant Unilever, discusses the impact of increased costs on demand, and his outlook for inflationary pressures in 2023.

☆ Prices have not peaked yet, says CEO of one of the world's largest consumer goods firms
▼ + stars: | 2023-01-17 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

The CEO of consumer goods giant Unilever said Tuesday that prices would likely continue to rise in the near term, adding that his firm had a playbook for high inflation thanks to its business dealings in markets like Argentina and Turkey. Speaking to CNBC's Joumanna Bercetche at the World Economic Forum in Davos, Switzerland, Alan Jope talked about how his firm was managing its operations in the current climate. "For the last 18 months we've seen extraordinary input cost pressure … it runs across petrochemical derived products, agricultural derived products, energy, transport, logistics," he said. "So far, the consumer response in terms of volume softness has been very muted, the consumer has been very resilient," Jope said. "We do see the prospect of higher volume elasticity as winter energy costs hit, as households' savings levels come down and that buffer goes away and as prices continue to rise," he said.

☆ Bankers are expecting a terrible bonus season. A survey says 72% will consider quitting if theirs gets cut.
▼ + stars: | 2022-12-28 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A survey of 1,096 bankers saw 72% of respondents say they will consider resigning if their bonus is cut. "Most people think it's the worst year since the financial crisis," Alan Johnson, managing director of Johnson Associates, previously told Insider. "People are worried about a lot of departures, and the kind of departures of the first-quartile people," a person close to the situation previously told Insider. Other workers in M&A and tech could also face layoffs and slowdowns in hiring, Alan Johnson previously told Insider. On the other end, investment bank advisors will likely have their bonuses cut by 15% to 20%.

☆ Breakingviews: Unilever ice cream saga may sour ESG deals
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 16 (Reuters Breakingviews) - Unilever’s (ULVR.L) drawn-out ice cream drama offers food for thought on buying companies with strong political leanings. The consumer goods group said on Thursday that its litigation with the independent board of Ben & Jerry’s over the sale of its Israeli ice cream business has “been resolved”. The ice cream mess made for an odd corporate drama. Unilever bought the hipster brand in 2000 for $326 million, leaving Ben & Jerry’s board more independence than a typical subsidiary. The company also asked a judge to stop Zinger from selling the ice cream in the West Bank.

☆ We have a very clear strategy on where we are going to invest, says Unilever CEO
▼ + stars: | 2022-12-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have a very clear strategy on where we are going to invest, says Unilever CEOAlan Jope, Unilever CEO, joins 'Squawk on the Street' to discuss where Unilever is in the company's transformation process, whether it plans to sell some of its businesses and more.

☆ Unilever mulls $3 bln sale of some U.S. ice cream brands - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - British consumer goods giant Unilever (ULVR.L) is considering the sale of a portfolio of U.S. ice cream brands such as Klondike and Breyers, that could be valued at as much as $3 billion, Bloomberg News reported on Thursday. International labels Magnum and Ben & Jerry's are not part of the review, the Bloomberg News report said, citing people familiar with the matter. Deliberations are ongoing and the company may still decide not to sell the brands, the report added. In June, Unilever sold its Ben & Jerry's ice cream business in Israel to its local licensee for an undisclosed sum, aiming to smooth over a diplomatic dispute. Ben & Jerry's and Unilever have been in a bitter legal dispute over the sale ever since.

☆ The 5 best leadership books I read this year — and what they taught me about running a company
▼ + stars: | 2022-12-06 | by ( David Siegel | ) www.businessinsider.com time to read: +5 min

For a roadmap for effective, kind leadership and smart decision-making, he shares 5 book recommendations. Publishing a leadership book gave me a newfound perspective on the genre. Here are the top five leadership books I read in 2022 and why I found each one particularly enriching. After reading The Promise of a Pencil, I learned how seemingly small acts can make a world of difference in communities. For anyone considering executive coaching or looking to find a coach, this book is a must-read.

☆ Premarket stocks: Jay Powell's dream of the 90s is dead
▼ + stars: | 2022-12-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The robust jobs market is good news for American workers, but concerning for the Federal Reserve and equity bulls alike. “To be clear, strong wage growth is a good thing,” Fed Chairman Jerome Powell said at the Brookings Institution on Wednesday. “But for wage growth to be sustainable, it needs to be consistent with 2% inflation.” The year-over-year wage growth rate increased to 5.1% in November, more than double that goal. Getting back to a sustainable level of wage growth and tamping inflation will require reducing demand for labor. The dream is over: For the past year, Powell has advanced the optimistic idea that wage growth could be lowered without slowing the economy into recession.

CNN —Both the defense and prosecution in the Los Angeles sexual assault trial against former movie mogul Harvey Weinstein concluded closing arguments Thursday, bringing the weekslong trial one step closer to jury deliberations. A rebuttal from prosecutors to the defense attorney’s closing remarks is expected to begin Friday morning. Jurors heard from about 50 witnesses, including four accusers who were identified in court as Jane Does due to the nature of their allegations. Those alleged incidents are not being charged as part of this case because they happened outside of Los Angeles County. Midway through the trial, four of the original 11 charges against Weinstein tied to a fifth Jane Doe were dropped without explanation.

☆ Premarket stocks: Wall Street bonus outlook is grim
▼ + stars: | 2022-11-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN Business —Ferragamo belt-buckles are being tightened across Wall Street as bankers prepare for a gloomy bonus season. “This is a canary in the coalmine for the economy, if the canary dies that’s not good for anybody,” said Johnson. In recent years, Amazon has gradually been growing its footprint in the health care sector. Earlier this year, Amazon agreed to acquire One Medical, a membership-based primary care service, for $3.9 billion. The big picture: Amazon isn’t the only Big Tech company attempting to cash-in on a chunk of the health care industry.

☆ Wall Street bonuses predicted to fall as much as 45% amid a drought in dealmaking. Here's who will get hit the hardest.
▼ + stars: | 2022-11-15 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

The dramatic decline follows bumper bonuses in 2021, which resulted in record pay. Last year was especially bountiful, thanks to record M&A and IPO dealmaking, which led to bonuses not seen since before the Great Recession. But this year, compensation consulting firm Johnson Associates predicts, bonuses will drop by as much as 45% amid a drought in Wall Street's main business of IPOs and M&A. Meanwhile, those in advisory positions of investment banks won't be as scathed as their underwriter colleagues — the analysis predicts bonuses down 15% to 20%. The analysis predicts their awards could be 15% to 20% more than last year.

Nestle and P&G both raised prices by less than 9.5% in the same period, having roughly matched one another since mid-2021. Unilever said price rises vary by category and market and not all consumers were experiencing the 12.5% hikes. Unilever has high exposure to regions and countries with high inflation including Latin America, Turkey and Russia, while P&G is more U.S.-focused, Bernstein analyst Bruno Monteyne said. "These countries have high inflation, linked to weak foreign exchange. "We are still absorbing significant cost, which has led to a notable decline in our gross profit margin," a Nestle spokesperson said.

☆ Alan Jackson honored with CMA’s lifetime achievement award
▼ + stars: | 2022-11-10 | by ( Marianne Garvey | ) edition.cnn.com time to read: +1 min

CNN —Alan Jackson was presented with the Willie Nelson Lifetime Achievement Award at the 56th Annual Country Music Association Awards on Wednesday. “And I love the lyrics and the songs and the artists and the melodies and the harmonies. The good and the bad, the happy and the sad. We’ve survived a lot.”The Willie Nelson Lifetime Achievement Award recognizes artists who have contributed to country music in a significant way and have positively impacted the music genre. Jackson has also been named CMA entertainer of the year three times.

☆ CMA Awards 2022: See the full list of winners
▼ + stars: | 2022-11-09 | by ( Dan Heching | ) edition.cnn.com time to read: +3 min

CNN —Country music threw a party on Wednesday night as the CMA Awards were presented. First-time nominee Lainey Wilson topped the list of nominees going into the show and ended the night with major wins, including new artist of the year and female vocalist of the year. The emotional Wilson declared in one acceptance speech: “I know I’m new to a lot of folks, but I won’t let y’all all down. I promise you.”Luke Combs also had a big night, taking the stage both as a performer and winner. Other performers included Kelly Clarkson, who performed with Kelsea Ballerini and Carly Pearce, and Luke Bryan, who pulled double duty as host alongside Peyton Manning.

☆ Qantas' CEO succession planning in good shape, chairman says
▼ + stars: | 2022-11-04 | by ( Jamie Freed | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 4 (Reuters) - Qantas Airways Ltd's (QAN.AX) CEO succession planning is in good shape even though long-serving boss Alan Joyce is expected to stay until at least the end of 2023, the airline's chairman said on Friday. "The board looks at succession each year at almost every meeting, but specifically twice a year," Chairman Richard Goyder told shareholders at the company's annual meeting in Sydney. "The board feels we are in good shape for CEO succession as and when that will occur." Goyder said the airline had strong internal candidates to succeed Joyce, though it would also canvass the external market when needed. The leading internal candidates include chief financial officer Vanessa Hudson, loyalty division head Olivia Wirth and new Jetstar head Stephanie Tully, according to analysts.

☆ We're seeing weakening consumer sentiment in Europe and China: Unilever CEO
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're seeing weakening consumer sentiment in Europe and China: Unilever CEOAlan Jope discusses the company's latest earnings and says global economic conditions aren't improving.

☆ Unilever raises guidance but is downbeat on Europe, China consumer sentiment
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: +3 min

Unilever on Thursday gave a dire assessment of consumer sentiment in Europe and China, two of its key markets, but raised its full year sales forecast as it lifted prices to counter soaring costs. Shoppers around the world paid 12.5% more for Unilever products in the quarter - a record price hike for the company - with sales volumes declining 1.6%. "Consumer sentiment in Europe is at an all time low," Chief Financial Officer Graeme Pitkethly told reporters, warning of fears of a "confluence of events" in Europe with energy prices and inflation rising and consumers' savings waning. "Both the premium segments of the market and the value segments of the market are actually growing quite quickly, at an equivalent rate," Pitkethly told journalists. In China, Unilever's third biggest market that has been doubling down on Covid-19 lockdowns, sales grew by 1%.

☆ New York City's pay-transparency law is coming. Wall Street's big paydays will stay secret, but other changes could shake up finance.
▼ + stars: | 2022-10-27 | by ( Danielle Walker | ) www.businessinsider.com time to read: +8 min

With so much Wall Street pay linked to bonuses, the law has less bite for financial-services firms. A new salary-transparency law is about to take effect in New York City, the nation's financial capital. Will law firms take advantage of the ambiguities of the law?" "I think banks have unique problems because they have so many administrative employees. 'No way to post bonuses up front'In April, the group and chambers of commerce for the city's five boroughs sent a joint letter to the New York City Council.

Along with other consumer goods companies, Unilever has faced a surge in labor, freight and ingredients costs. Billionaire Peltz in recent weeks met two possible contenders to replace Jope, one of the sources said. FLORIDA TALKSEven before Jope announced his departure, Peltz met with a former consumer goods CEO in Florida, one of the sources said. In the last month, Peltz and his team also approached another former consumer packaged goods CEO about the Unilever job, the source said. Peltz supports Unilever's sustainability strategy, including a plan to decarbonize the company's business units, Unilever has said.

☆ Qantas shares surge as it forecasts stronger-than-expected first-half profit
▼ + stars: | 2022-10-13 | by ( Jamie Freed | ) www.reuters.com time to read: +3 min

Qantas expects to report first-half underlying earnings before tax of between A$1.2 billion ($753.12 million) and A$1.3 billion, up from a similar-sized loss the prior year. "We now expect it to be a very strong profit," Qantas Chief Executive Alan Joyce told reporters of the first half. He declined to provide an outlook for the second half beyond noting that international ticket prices were expected to moderate as Qantas and rivals added capacity. Qantas has traditionally reported stronger profits in the first half than the second half because of seasonal effects and it also faces rising economic headwinds and a higher fuel price. Joyce said inflation and interest rate increases had not yet dented travel demand and higher fares were allowing it to recover the increased cost of fuel.

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