Management Turnover as Change Agent

Thursday, December 10, 2009

Unilever CFO Leaving After Less than One Year of New CEO in Place

Jim Lawrence, Unilever’s UL (NYSE) CFO is leaving the company. Lawrence, who was appointed CFO back in August of 2007, has chosen to resign his position. He leaves the job less than a year after CEO Paul Polman was put in place. LawJim Lawrence, Unilever’s retiring CFOrence is one of many changes that have occurred in the executive ranks since Polman took the reigns of the firm. According to a story by Clementine Fletcher and Jeroen Molenaar for Bloomberg,

Lawrence, 57, chose to resign and won’t receive severance pay when he leaves at the end of 2009, spokesman Flip Dotsch said. The executive will keep his “significant” stake in Unilever, Dotsch said. His holding is worth about 14 million euros ($21 million), data compiled by Bloomberg shows.

Speculation has been around that Lawrence had hoped to get the CEO position. Whatever the reason, Polman has been making real strides to the company back on track to compete more effectively with its key rival Proctor & Gamble.The Bloomberg reporters went on to write,

The first reason for the departure is “probably personal, the second is probably because he wants to become a CEO,” said Marco Gulpers, an analyst at ING Groep NV in Amsterdam with a “buy” on the stock. “They go their separate ways in harmony, as I understand. I think his successor will be an outsider.”

Keep a close eye on who Unilever selects to replace Lawrence and also where he ends up and what he ends up doing.

For more:


Times Online

No comments: