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Unilever, the company behind Vaseline skin care and Dove soap products, is cutting 1,500 management jobs w as it shifts to a new organizational model that's been under development for over the past year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UL | UNILEVER PLC | 53.54 | +4.23 | +8.58% |
The company announced Tuesday that it will shift away from its current matrix structure and will reorganize into five distinct business groups such as beauty and wellbeing, personal care, and nutrition, while also making changes to its leadership team.
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Each group will be accountable for its strategy, growth and profit delivery globally, according to Unilever.
FILE PHOTO: The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. (Reuters/Philippe Wojazer/File Photo / Reuters Photos) Unilever CEO Alan Jope said that the new structure will help speed up the company's decision-making process. GET FOX BUSINESS ON THE GO BY CLICKING HERE "Moving to five category-focused Business Groups will enable us to be more responsive to consumer and channel trends, with crystal-clear accountability for delivery," Jope said in a statement. "Growth remains our top priority and these changes will underpin our pursuit of this." Overall, 15% of senior management roles and 5% of junior management roles worldwide will be cut. However, the company doesn't expect factory teams to be affected by the cuts. Although Jope said the new model "has been developed over the last year," the announcement comes just after the pharmaceutical giant GlaxoSmithKline rejected an unsolicited $68.4 billion bid from Unilever for its consumer health care goods unit, a joint venture it controls in a partnership with Pfizer. Unilever employs 149,000 people worldwide. The Associated Press contributed to this report. Source: Read Full Article
