Unilever is set to cut around 1,500 jobs globally as part of a group-wide overhaul.
The company said on Tuesday that it plans to cut roles across senior and junior management as part of a global restructuring plan aimed at streamlining operations and soothing the concerns of worried investors.
Unilever is planning to axe around 15% of senior management roles and 5% of more junior management roles under a restructure to create five business divisions.
It said the jobs will go across the UK and its worldwide operations, but did not give a breakdown of where the cuts will be made.
Unilever, which employs around 149,000 staff worldwide, stressed that factory teams are not expected to be impacted by the changes.The company employs more than 6,000 people across the UK and Ireland.
The announcement comes days after reports that activist investor Nelson Peltz’s Trian Partners has been building a stake in the world’s second biggest personal care products maker, situs slot gacor which owns the Dove Soap and Vaseline brands.
Billionaire Peltz, 79, has a reputation of pushing for change at major corporations, with his hedge fund a major activist investor since being founded in 2005.His hedge fund launched campaigns at the likes of Heinz, Cadbury, Mondelez, PepsiCo and Danone.
At Cadbury, he campaigned for the business to be split into soft drinks and confectionery. This led to Kraft buying the British company and Peltz was later the driving force behind splitting Kraft into Kraft Heinz and Mondelez.
Peltz’s youngest child, Nicola, is an actress who is engaged to Brooklyn Beckham.His other children include Matthew, a director at Wendy’s, and Brad, a former professional ice hockey player.
Consumer goods giant Unilever has said it will cut around 1,500 jobs globally as part of a group-wide overhaul
Activist: Hedge fund boss Nelson Peltz has given Unilever’s share price a much-needed boost after buying an undisclosed stake through his Trian Partners hedge fund
Peltz’s youngest child, Nicola (pictured together), is an actress who is engaged to Brooklyn Beckham
Alan Jope, chief executive of Unilever, said: ‘Our new organisational model has been developed over the last year and is designed to continue the step-up we are seeing in the performance of our business.
‘Moving to five category-focused Business Groups will enable us to be more responsive to consumer and channel trends, with crystal-clear accountability for delivery.’
The news comes as Unilever shares jumped 7.3 per cent to £38.43 on Monday, making it the top riser on the FTSE 100.The rise came after the news of Peltz and Trian Partners’ stake. Its size has not been disclosed.
Trian has a reputation for demanding strategic and governance changes from companies it is involved in.
It also has experience in the consumer goods sector, having targeted Cadbury’s owner Mondelez and Proctor & Gamble.
Boss Peltz, worth $1.7bn according to Forbes, sees himself as different to ‘some of these old guys’.
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