Jul 20, 2017

Unilever finds Kraft Heinz helps concentrate minds

This would explain why he penned his 'Connected 4 Growth' story for money-seeking shareholders last November - but felt a need to rewrite it in April, after Kraft Heinz threatened to consume his consumer goods group. In 'Connected 4 Growth', he foretold a margin improvement of 40-80 basis points, up from 20-40. Mr Polman used the wording "Sales growth ahead of market" in November. Understandably, most of his newfound concentration came in April, when 'Connected 4 Growth' was embellished with the 2020 margin target, higher leverage and a €5bn share buy-back. First, how much do flat sales volumes undermine the narrative of 'Connected 4 Growth'? Second, does shifting executive pay targets from core to underlying earning measures - excluding restructuring - make sense .

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