Unilever chief executive a popular choice in City

Sep 5 2008 by Alistair Houghton, Liverpool Daily Post

CONSUMER goods group Unilever has announced that chief executive Patrick Cescau will step down later this year after 35 years with the group.

Mr Cescau, who turns 60 this month, took the helm at Persil and Flora owner Unilever in 2004 and has been credited with reviving the fortunes of the business, which employs 1,100 people at its plants in Port Sunlight and Warrington.

His successor will be Paul Polman, 52, Americas director for food giant Nestle. His appointment is set to be rubber-stamped by Unilever shareholders this autumn.

The appointment was well-received in the City, with shares closing up 6% at £15.81.

Mr Cescau joined Unilever in 1973 and was appointed chairman of Unilever plc and deputy chairman of Unilever’s Dutch entity in October 2004. Unilever changed its management structure in April 2005 to one with a single non-executive chairman and a single chief executive.

He has been credited with changing the company’s fortunes through a significant restructuring under the title “One Unilever”. The company employs around 8,000 people in the UK.

Michael Treschow, chairman of Unilever, said: “Patrick has had an outstanding career. We are greatly in his debt for the transformation he has brought about over the last four years. The performance of the business has improved markedly under his leadership.

“Liked and admired in equal measure, Patrick leaves a substantial record on which to build.”

He also described Mr Polman, who had a 26-year career at Procter & Gamble, as a “great talent with significant international experience and an excellent track record”.