Shake-up will have to be gradual, and deal-making on a smaller scale needn’t be off the table
It’s one thing for Terry Smith to take a swipe (slightly unfairly) at Unilever management’s love of seeing purpose in mayonnaise, which was last week’s entertainment. The latest missile from Mauritius, which is where Smith resides while picking the stocks for his £29bn Fundsmith fund, is more serious and better-aimed.
Framed as a “postmortem” on Unilever’s abortive £50bn tilt at GlaxoSmithKline’s consumer products business, it was scathing on management, strategy, long-term performance and communication – all the big stuff.
