Unilever’s Inflation Warning Piles More Pressure on CEO Jope
- Costs to rise by about $2.3 billion in the first half of 2021
- CEO rules out major acquisitions after failed Glaxo approach
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Unilever Plc warned of the worst inflation since the financial crisis, adding to Chief Executive Officer Alan Jope’s woes after a failed bid to buy GlaxoSmithKline Plc’s consumer business and the arrival of activist shareholder Nelson Peltz.
The Dove soap maker said it will take two years to return to 2021’s profitability level, with raw material costs forecast to increase by 2 billion euros ($2.3 billion) during the first half of this year. The stock fell as much as 4.2% in London Thursday morning.