LONDON: Unilever Chief Executive Officer (CEO) Alan Jope will step down from his role at the end of next year, the United Kingdom consumer goods group announced on Monday.

Scotland-born Jope, who came under fierce criticism from investor activists this year over a failed takeover bid, will leave Unilever after five years as its chief and nearly four decades at the company, according to a statement.

Unilever brands include Magnum ice cream, Cif surface cleaner and Dove soap.

“As I approach my fifth year as CEO, and after more than 35 years in Unilever, I believe now is the right time for the board to begin the formal search for my successor,” Jope said.

“Growth remains our top priority, and in the quarters ahead I will remain fully focused on disciplined execution of our strategy, and leveraging the full benefits of our new organization,” he added.

Jope will depart following Unilever’s recent failed $50-billion bid for the former health care unit of drugmaker GlaxoSmithKline.

In response, he slashed about 1,500 management jobs worldwide in a major restructure of the company, seen as a bid to appease unhappy investors.

“Unilever has seen improved performance, enabled by its clear strategic choices and a significant company transformation,” Chairman Nils Andersen said in Monday’s statement.

“The board will now conduct an orderly succession process and support Alan and the management team in further driving the performance of Unilever,” he added.

Under Jope, Unilever became

a wholly British company at the end of 2020 after it completed a merger of its Dutch and British corporate entities.

The group’s most recent results revealed first-half revenues jumped on higher prices, but net profit fell on rising costs and taxation.

Input costs for companies worldwide have soared in 2022 on sky-high inflation and global supply chain pressures.