Unilever yesterday broke with a near 80-year tradition of appointing insiders to the helm of the multinational by turning to an outsider to succeed Patrick Cescau as chief executive.
Overlooking four credible internal candidates, Michael Treschow, chairman, decided to hire Paul Polman, a former Procter & Gamble and Nestlé man, to takeover from Mr Cescau.
“It is not that our internal candidates were not good,” Mr Treschow told the Financial Times. “But from time to time you test the waters and we had the scope to make sure we would seek out the best . . . and found someone with exceptional experience and quality.”
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