In a surprise announcement, Unilever said its CEO was leaving and Fernando Fernandez, currently Unilever's chief financial officer and executive director, will replace him on March 1.

Unilever surprised investors on Tuesday by ousting chief executive Hein Schumacher and replacing him with finance chief Fernando Fernandez, who will focus on speeding up the execution of the consumer group's turnaround strategy.

Unilever has ousted chief executive Hein Schumacher after its board lost patience with the pace of his turnaround plan for the London-listed group, replacing him with chief financial officer Fernando Fernandez.