Connect with us

Hi, what are you looking for?

Stocks

Unilever Slashes Jobs in Effort to Revitalize Growth

Unilever, a well-known London-based consumer goods company managing popular brands such as Dove, Ben & Jerry’s, Hellman’s, and Vaseline, is currently facing significant pressure from its investors. After experiencing a 10% decline in stock value in 2021 and encountering unsuccessful attempts at acquiring major brands, shareholders are pushing for growth and demanding action from Unilever.

In response to this pressure, Unilever has announced the reduction of approximately 1,500 managerial positions from its global workforce of nearly 149,000 employees. This equals about 15% of senior managerial roles and 5% of junior managerial roles, with a focus solely on managerial positions without affecting factory workers.

The purpose behind these cuts is to streamline Unilever’s operations. Moving forward, the company will organize its business into five separate units, each led by a dedicated vice president: Beauty and Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream.

Unilever’s CEO, Alan Jope, believes that this restructuring effort will enable the company to better respond to consumer and market trends with clear accountability for results.

“Our primary focus is on growth, and these changes will support our efforts in achieving this goal,” he stated.

Despite a 1% drop in the company’s stock value at the start of trading today, Unilever experienced a 10% gain yesterday following news of prominent investor and Wendy’s chairman Nelson Peltz acquiring a substantial stake in the company.

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...