Jan 20, 2022
Terry Smith launches new attack on Unilever management
Top Unilever shareholder Terry Smith has called the company's rejected bids for GSK's consumer health division a "Near-death experience" and urged management to focus on improving the existing business rather than targeting big acquisitions. The letter said: "It seems to us that Unilever management's response to its poor performance has been to utter meaningless platitudes to which it has now attempted to add major M&A activity. What could possibly go wrong?". Smith and Robin's letter said: "We believe the Unilever management - or someone else if they don't want the job - should surely focus on getting the operating performance of the existing business to the level it should be before taking on any more challenges." The letter follows Smith's annual client missive last week in which he criticised Unilever's chief executive, Alan Jope, and top management for burnishing sustainability credentials at the expense of running the business. Smith and Robins stopped short of calling for an immediate change of management at Unilever but accused them of playing "'what Warren Buffett lampoons as 'gin rummy' management .
Related companies
Make a complaint about Unilever by viewing their customer service contacts.
