British consumer goods giant Unilever on Tuesday said chief executive Hein Schumacher will step down on March 1 after less than two years in the post.

The company said in a statement that Schumacher was leaving by “mutual agreement” and would be replaced by finance chief Fernando Fernandez.

The announcement comes shortly after the group, whose brands include Ben & Jerry’s ice cream and Dove soap, reported a slump in profits for 2024.

“While the board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results,” Unilever chairman Ian Meakins said in the statement.

Following the announcement, Unilever shares dropped three percent on London’s top-tier FTSE 100 index, which was trading higher overall.

Schumacher took over the position in 2023 from Alan Jope who came under fierce criticism from activist investors over a failed takeover bid.

In a bid to revive growth, Schumacher launched a shakeup including axing thousands of jobs and plans to spin off the group’s ice cream business.

But during his time at the helm, he has faced two sets of disappointing annual results, with performance hit last year by the group’s exit from Russia and other restructuring costs.

The strategic plan has “has put Unilever on a path to higher performance and the board is committed to accelerating its execution,” Meakins added.

Fernandez will become CEO after a little over a year as chief financial officer.