Management shake-up for Unilever

Unilever unveiled a management shake-up late last night that left analysts pondering whether a successor to chief executive Paul Polman has been anointed.

The consumer goods giant behind scores of household brands including Bovril, Knorr and Slim-Fast, revealed that Harish Manwani will become chief operating officer with a brief to push growth that critics say is lagging behind arch rival Procter & Gamble.

A company statement laced with jargon said he would "take responsibility for all markets, in order to drive speed-to-market behind further simplification and efficiency".

Polman has been at the helm of the sprawling group since 2009.

Part of the shake-up sees Michael Polk, a top executive who might have been in line for the top job, leave after eight years to become chief executive of Newell Rubbermaid, an American company that makes pens and storage containers.

Manwani, presently president of Asia Africa, Central and Eastern Europe, seems to have been rewarded for his success at growing sales in emerging markets. That has helped Unilever to offset sluggish performance in Europe and the US.

Polman also named four executives reporting in to him that will oversee personal care, refreshments, food and home care.

Shares in the Anglo-Dutch business rose 40p to 1981p on the London Stock Exchange, leaving the business valued at £59 billion.

In April Unilever reported first quarter sales which were a little behind what analysts had been expecting.