Unilever freezes the new boss’s salary for the next two years after shareholder protests

Wage freeze: Unilever boss Hein Schumacher (pictured) is not entitled to a salary increase in 2024 and 2025

Unilever will freeze its new chief executive’s salary for the next two years after backlash from shareholders over “fat cat pay”.

Hein Schumacher, who succeeded Alan Jope in July on £1.6 million a year, is not entitled to a pay rise in 2024 and 2025, the company behind brands including Marmite and Hellmann’s said.

The Dutchman has sought to make his mark since taking the helm, saying last week he would tone down the company’s “woke agenda.”

But his salary will now be frozen until 2026.

The decision came after 58 percent of Unilever shareholders rejected the company’s pay report at a pessimistic annual general meeting in May.

Unilever has since contacted 28 of its largest investors and met with 24 of them. It said the “main reason” for rejecting executive pay was the new CEO’s remuneration.

Andrea Jung, chair of the remuneration committee, said: “This approach is intended to reflect and be consistent with the views of shareholders in the engagement process.”