Unilever Boosts Stock Buyback Program

Unilever Plc (LON: ULVR) saw its shares rise as the consumer products giant announced an expansion of its stock buyback program and acknowledged the need for improvement under the leadership of its CEO.

The company revealed plans for a new $1.61 billion share repurchase program set to commence in the second quarter. This follows the completion of its previous $3.22 billion stock buyback in 2023.

Despite challenges, Unilever reported a 3% decline in fourth-quarter revenue to $15.3 billion, attributed to shrinking market share in North America and Europe. Full-year revenue also dipped by 0.8%.

CEO Hein Schumacher, who assumed leadership in January 2023, acknowledged the company’s disappointing competitiveness and emphasized the need for overall performance improvement. Unilever initiated a “Growth Action Plan” in October, focusing on enhancing growth quality, increasing productivity and simplicity, and strengthening performance metrics.

Schumacher highlighted that while the turnaround efforts are still in their early stages, Unilever is swiftly and urgently working to transform into a consistently high-performing business.

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