Activist investor Nelson Peltz says the new boss of Unilever has the "right skills and expertise" to speed up a turnaround, writes Callum Muirhead.

On Tuesday, the Marmite and Magnum ice cream maker announced its chief executive Hein Schumacher would be replaced on Saturday by finance chief Fernando Fernandez.

Directors concluded Fernandez could turn the consumer goods giant around faster, and were backed by Peltz, who sits on the board and, through his firm Trian Partners, is one of the biggest shareholders.

Trian said Peltz, 82, "shares the belief of the other Unilever directors that Fernando Fernandez has the right skills and expertise to accelerate the company's growth action plan".

The support is a welcome boost for Fernandez given Schumacher was considered the US activist's pick for the top job.

Schumacher's dramatic defenestration, after less than two years in the job, came after he embarked on a major overhaul.

But Unilever shares rose less than 10pc on his watch.

Argentine Fernandez joined Unilever in his home country in 1987.

Photo: Nelson Peltz, founder and chief executive officer of Trian Fund Management. Photographer: Marco Bello/Bloomberg via Getty Images