{"id":50773,"date":"2023-08-20T11:05:36","date_gmt":"2023-08-20T15:05:36","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/unilever-ceo-vows-to-look-at-russian-operations-with-fresh-eyes-as-pressure-to-exit-the-country-mounts\/"},"modified":"2023-08-20T11:05:40","modified_gmt":"2023-08-20T15:05:40","slug":"unilever-ceo-vows-to-look-at-russian-operations-with-fresh-eyes-as-pressure-to-exit-the-country-mounts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50773","title":{"rendered":"Unilever CEO vows to look at Russian operations with \u2018fresh eyes\u2019 as pressure to exit the country mounts"},"content":{"rendered":"
\n

Consumer goods giant Unilever PLC is coming under renewed pressure to exit Russia following recent comments from the company\u2019s CEO Hein Schumacher.<\/p>\n

The U.K. Telegraph reports that Schumacher told a Ukrainian war veteran that he will look at the company\u2019s decision to maintain its Russian business with \u201cfresh eyes.\u201d<\/p>\n

\n

\u201cWe really hope this means he\u2019ll do the right thing,\u201d tweeted the Ukraine Solidarity Project this week. \u201cGood leaders make bold decisions.\u201d<\/p>\n

Related:<\/strong> \u2018Unilever has descended into a vortex of immorality\u2019: Pressure mounts on consumer goods giant to exit Russia<\/p>\n

The\u00a0Moral Rating Agency, an organization set up after the invasion of Ukraine to examine whether companies were carrying out their promises of\u00a0exiting Russia, reiterated its calls for Unilever to end its Russian operations. \u201cUnilever needs to stop running down the clock as a way to keep making blood money,\u201d said MRA founder Mark Dixon, in a statement this week. Unilever \u201csimply needs to get out of Russia,\u201d he added. \u00a0<\/p>\n

\u201cWe have always said we would keep our position in Russia under close review,\u201d a Unilever spokesperson told MarketWatch Friday. The spokesperson also directed MarketWatch to the company\u2019s statement on the war in Ukraine released in February 2023.<\/p>\n

Unilever was recently\u00a0added\u00a0to the Ukrainian government\u2019s \u2018International sponsors of war\u2019 list amid calls for a boycott of the company\u2019s products.<\/p>\n

Related: <\/strong>WeWork, Carl\u2019s Jr., Unilever and Shell among companies slammed by Yale over operations in Russia<\/p>\n

At the end of June Unilever employed approximately 3,000 people in Russia, according to the company\u2019s second-quarter results. In the first six months of the year Russia represented 1.2% of the Unilever Group\u2019s turnover and 1.5% of net profit, the company said. As of June 30, the company\u2019s Russia business had net assets of around $870 million, including four factories.<\/p>\n

In March 2022 Unilever announced its decision to suspend all imports and exports of Unilever products into and out of Russia and cease any capital flows in and out of the country. However, the company continues to supply what it describes as \u201ceveryday food and hygiene products\u201d made in Russia to people in the country. \u201cWe understand why there are calls for Unilever to leave Russia. We also want to be clear that we are not trying to protect or manage our business in Russia,\u201d the company said, in its statement released in February. \u201cHowever, for companies like Unilever, which have a significant physical presence in the country, exiting is not straightforward.\u201d<\/p>\n

Related:<\/strong>\u00a0Unilever urged to exit Russia: \u2018It\u2019s making their hands bloodstained,\u2019 says Economic Security Council of Ukraine<\/p>\n

Earlier this year, on the anniversary of Russia\u2019s invasion, the Economic Security Council of Ukraine\u00a0criticized Unilever\u00a0over its Russian presence.<\/p>\n

The Ukraine Solidarity Project recently launched a high-profile campaign urging Unilever to get out of Russia using the images of Ukrainian veterans injured in the war with Russia. Last month, activists from the Ukraine Solidarity Project held a giant poster featuring the veterans outside Unilever\u2019s London headquarters.<\/p>\n

A slew of major Western corporations such as U.S. giants Apple Inc.\u00a0
\n AAPL,
\n +0.28%<\/bg-quote>,<\/span>
\n \u00a0Alphabet Inc.
\n GOOGL,
\n -1.89%<\/bg-quote><\/p>\n

GOOG,
\n -1.80%<\/bg-quote>,<\/span>
\n \u00a0\u00a0Amazon.com Inc.\u00a0
\n AMZN,
\n -0.57%<\/bg-quote>,<\/span>
\n \u00a0International Business Machines
\n IBM,
\n +0.53%<\/bg-quote>Corp.<\/span>
\n and McDonald\u2019s Corp.\u00a0
\n MCD,
\n -0.04%<\/bg-quote>
\n left Russia\u00a0in response to Moscow\u2019s devastating invasion of Ukraine.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Consumer goods giant Unilever PLC is coming under renewed pressure to exit Russia following recent comments from the company\u2019s CEO Hein Schumacher. The U.K. Telegraph reports that Schumacher told a Ukrainian war veteran that he will look at the company\u2019s decision to maintain its Russian business with \u201cfresh eyes.\u201d \u201cWe really hope this means he\u2019ll […]<\/p>\n","protected":false},"author":1,"featured_media":42278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-50773","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nUnilever CEO vows to look at Russian operations with \u2018fresh eyes\u2019 as pressure to exit the country mounts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Consumer goods giant Unilever PLC is coming under renewed pressure to exit Russia following recent comments from the company\u2019s CEO Hein Schumacher. 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