Jan 24, 2022
Unilever plans to cut thousands of management jobs in growth drive
Unilever is planning to cut thousands of management jobs as it accelerates a push to improve sales growth across the business, which has come under increasing pressure from investors. The Financial Times reported at the weekend that the $8.5bn New York-based hedge fund, which has previously demanded reforms at Procter & Gamble and Mondelez, had bought into Unilever. Unilever had already endured a tough week following news that it had made three bids for the consumer health division of GlaxoSmithKline, offering as much as £50bn - a move that proved unpopular with many investors. Fundsmith founder Terry Smith, a top-15 shareholder at Unilever, urged its management to focus on improving the existing business rather than targeting big acquisitions. Smith and his head of research Julian Robins wrote to their investors last week: "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."
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