Consumer goods giant Unilever has announced the retirement of Irish-born chairman Niall FitzGerald, who has been with the firm for 37 years.
The news came as the company delivered a rise in profits despite seeing disappointing growth for its leading brands.
Unilever, which has targeted 400 leading brands in its five-year 'Path to Growth' strategy, said sales of front-running products rose by 2.5%. Unilever's growth target for these brands had been between 5% and 6% last year.
The Anglo-Dutch group, whose products include Hellmann's mayonnaise, Magnum ice cream and Dove soap, said it continued to generate significant cost savings during a 'difficult year'.
Pre-tax profits were up 21% to €4.9 billion in 2003. This included a 182% rise in the fourth quarter.
