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.

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.

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's board, which includes billionaire activist investor Nelson Peltz, was unified in its decision to oust CEO Hein Schumacher, a source familiar with the board's thinking told Reuters.

Hein Schumacher is stepping down from his role as Unilever CEO and as a board director after less than two years on the job. Schumacher will leave the company on May 31. Fernando Fernandez, who currently serves as Unilever's chief financial officer and executive director,