Unilever's board unified in decision to oust CEO Hein Schumacher, source says

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.

The surprise move to replace Schumacher with finance chief Fernando Fernandez was made as it was agreed by board members that he was the right man to accelerate the group's turnaround strategy, the source said.

Schumacher was surprised by the outser, but the decision involved "nothing untoward", the person said.

Schumacher's sudden departure after less than two years in the job hit Unilever's shares, which fell as much as 3.4 per cent on Tuesday. They had gained more than 9 per cent since Schumacher took the helm.