Business Services Industry
Co-Chairman of Unilever Unveils Weighty Surprise.
Knight Ridder/Tribune Business News, February, 2004
By Brian O'Connor, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 13--The Atkins diet took the shine off Unilever and its co-chairman Niall FitzGerald, who surprised the market by announcing his retirement three years early. Sales of Slim-Fast slumped by more than UKpound 140m in 2003 and Unilever's total sales fell.
FitzGerald, 57, will hand over to foods director Patrick Cescau in October. Earning UKpound 2m a year, he will not get a payoff. He says: "No, of course not. I am retiring."
In eight years at the top, FitzGerald launched the Path To Growth strategy, slimming down the portfolio of 1,600 brands to 400 by end-2004. He completed the acquisitions of Bestfoods for UKpound 13bn, Ben & Jerry's ice cream and Slim-Fast....
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