AFP
Sep 4, 2008
Unilever chief Cescau to step down
AFP
Sep 4, 2008
ROTTERDAM, Sept 4, 2008 (AFP) - Anglo-Dutch food and cosmetics giant Unilever said Thursday that chief executive Patrick Cescau will step down at the end of this year and be replaced by top Nestle manager Paul Polman.
Polman, 52 and a Dutch national, is currently executive vice president at Swiss peer Nestle.
The news of the change at the top sent Unilever shares up sharply to show a gain of 5.60 percent in early trade.
"Patrick Cescau will retire at the end of the year after 35 years at the heart of the company," Unilever said in a statement.
Polman's appointment requires shareholder approval at a meeting to be held later in the year, it added.
Cescau said that he had accomplished most of what he had set out to achieve and accordingly "now is a good time to pass on the reins."
Cescau, who is French, was the first head of Unilever not to be British or Dutch.
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