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 CEO Hein Schumacher after less than two years at the helm, as the consumer goods giant seeks to speed up its turnaround plans.

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.

KEY TAKEAWAYS Unilever said Tuesday that Hein Schumacher is stepping down after less than two years as chief executive of the consumer goods giant.Schumacher will be replaced by CFO Fernando Fernandez,

Unilever CEO Hein Schumacher is stepping down after less than two years in the job, the company said Tuesday. Current CFO Fernando Fernandez is set to take his place leading the company, effective March 1.

Unilever CEO Hein Schumacher will step down after 18 months, sending shares down by 2%. CFO Fernando Fernandez will take over as the consumer goods giant seeks to accelerate its turnaround.

"The step-up from CFO to CEO by Fernandez will be liked by many investors," Jefferies analyst David Hayes said of the Unilever CEO transition.

In a development that's startled analysts and serves as a reminder that shorter tenures apply to CEOs and CMOs alike, consumer products giant Unilever announced that its chief executive will […]