Anglo-Dutch consumer goods giant Unilever today (12 January) named Swedish industrialist Michael Treschow as successor to current chairman Antony Burgmans. Treschow will become the group’s first independent non-executive chairman nominated from outside the company when he assumes the position at the Unilever’s AGM in May.
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Treschow, is currently chairman of both Ericsson and Electrolux, and a non-executive director of ABB Group. He recently announced that he will stand down as chairman of Electrolux in April. Treschow, a leading European business figure, is also the chairman of the Confederation of Swedish Enterprise but will relinquish that position in May when his term expires.
Commenting on his successor’s appointment, Burgmans said: “Michael Treschow is a businessman with a formidable track record gained in some of the world’s most competitive consumer industries. He has already proved himself an effective chairman and I have no doubt Unilever will benefit greatly from his knowledge and experience. His international reputation, his abiding interest in the development of international business together with his familiarity with cultural diversity, make him an irresistible choice to lead Unilever.”
The appointment of Treschow breaks with Unilever’s tradition of appointing long-term company executives as chairman. It is believed that the appointment of an independent chairman will provide Unilever chief executive Patrick Cescau with support as he seeks to follow a recovery strategy designed to put Unilever results back on track and return it to favour with investors.
The maker of Ben & Jerry’s ice cream and Knorr reformed its management structure in May 2005 when it replaced its two executive co-chairmen with a single chairman – Burgmans – and a chief executive – Ceacau.
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By GlobalData“I am honoured to have been invited by the board to become Unilever’s chairman and to help build on the transformation that the current management have wrought. It is a great business, with great brands and an unequalled global reach and Patrick Cescau and I are looking forward immensely to working together in the future,” Treschow said.
Unilever Plc shares were up 1.22% on the news in morning trade today, rising to GBP14.12 (US$27.52), while Unilever NV shares were up 1.86% to EUR 20.83 at time of press.
