As Unilever continues to lag, investors have grown frustrated. On Thursday, British fund manager Terry Smith criticised the company in a letter to his Fundsmith LLP investors, calling the lost GSK deal a "near death experience" and urging management to focus on strengthening performance.
"Unilever management's response to its poor performance has been to utter meaningless platitudes to which it has now attempted to add major M&A activity," Smith wrote. GlobalData analyst Ramsey Baghdadi said Unilever should focus on strengthening its current product ranges and reaching new customers, instead of diversifying into other sectors such as healthcare - as seen in the GSK bid.
Unilever, which traces its roots to a small soap business in 1880s Britain, said it did not expect factory workers to be impacted by its restructuring. There will be 15% fewer senior management roles and 5% fewer junior management roles, however. "While today’s news may not be directly connected to the company’s failed GSK offer, the timing is unfortunate," Sean Moran, restructuring specialist at law firm Shakespeare Martineau, said. "When confidence in a business is low, drastic decisions must often be made."Reporting by Richa Naidu in London and Pushkala Aripaka in Bengaluru Editing by Mark PotterSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Sad. Many families will lose income...hate this
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