On Thursday (October 26) Hein Schumacher laid out plans to simplify the business and deliver faster growth.

He did so while admitting the consumer goods giant had underperformed in recent years.

Schumacher said the quality of its growth, productivity and returns had all under-delivered.

He said Unilever would now focus on improving its gross margin and not undertake any major acquisitions.

The maker of Dove soap and Ben & Jerry's ice cream met market expectations for third-quarter sales growth.

Unilever reported a 5.2% rise in underlying sales, meeting analysts' average forecasts.

It achieved this by raising prices at a slower rate.

But the company failed to win back some shoppers who turned to cheaper products during a cost-of-living crisis.

Schumacher said the company would now focus on 30 key brands which account for 70% of its sales.

He replaced previous CEO Alan Jope, who had a difficult final year at Unilever.

The consumer goods industry has also struggled for more than two years due to soaring costs.