Consumer group Unilever surprised investors on Tuesday by replacing chief executive Hein Schumacher with finance chief Fernando Fernandez, who will take on the tough task of reviving the consumer group's performance.

Unilever surprised investors by appointing Fernando Fernandez as the new CEO, replacing Hein Schumacher. Starting March 1, Fernandez, an experienced leader with a lengthy tenure at the company, will focus on reviving Unilever's performance.

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.