The Trump effect heads abroad. European CEOs are getting ousted.

Subscribe to enjoy similar stories. As President Donald Trump ramps up his trade war with the rest of the world, there’s a message for the CEOs of European companies that have struggled to keep up with U.S. peers: Time’s up.

The recent market resurgence across the Atlantic, combined with years of investor frustration with underperforming shares and renewed interest from activists, means that executives now have nowhere to hide. The most recent case in point: consumer goods conglomerate Unilever, which owns the brands for Dove soap, Persil detergent, and Ben & Jerry’s ice cream. The U.K.

firm last month replaced its chief executive officer Hein Schumacher after less than two years on the job. The next CEO will be chief financial officer, Fernando Fernandez, who previously ran the company’s health and wellbeing unit–one of its fastest-growing businesses. He quickly got to work, saying March 10 that Unilever will start disposing of smaller European food brands at a faster pace.

The stock has fallen 7% over the past six months, while the U.K.’s FTSE 100 is up 3% over that same period. “While the Board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results," the company said in announcing his departure on Feb. 25.

Activist investor Nelson Peltz, who sits on Unilever’s board and whose Trian fund has had a stake in the company since 2022, endorsed the change. Unilever declined to comment for this story. Other companies that have recently parted with their CEOs include, French engineering firm Schneider Electric, which split with its CEO in November after just 18 months on the job.