Unilever share price up as group names Bayer CEO as chairman

on Feb 25, 2016
Updated: Oct 21, 2019

Personal goods maker Unilever (LON:ULV) announced yesterday that it had named Marijn Dekkers, the chief executive of Bayer AG, as its new chairman.

Dekkers said he was stepping down from the German drug giant earlier in the day. Bayer said he proposed that his “contract be dissolved, effective April 30.” At Unilever Dekkers will succeed long-time chairman Michael Treschow, who was approaching what the company said was its usual maximum tenure of nine years. Treschow will retire and leave the board in April.
“Marijn Dekkers is a highly successful businessman with a formidable track record gained in some of the world’s most competitive industries. I have no doubt that Unilever will greatly benefit from his knowledge, international experience and his strong belief in driving business growth responsibly and in the long term,” Treschow said in a statement.

Dekkers’s appointment comes as Unilever CEO Paul Polman is grappling with tougher market conditions, particularly in emerging regions like China and Brazil that account for about 60 percent of its sales. He will also have to help decide what to do with its struggling spreads unit amid speculation that the company is edging closer to a sale of the business.
Unilever’s share price has edged higher today. As of 13:19 GMT, the stock was changing hands at 3,095.50p, 1.89 percent up intraday. The FTSE 100 had meanwhile gained 2.42 percent to 6,008.38 points.
As of 13:50 GMT, Thursday, 25 February, Unilever plc share price is 3,096.00p.