Unilever CEO Fernando Fernandez said the company will replace about 25% of its top 200 managers following a performance review. Speaking at the Barclays Global Consumer Staples Conference, Fernandez criticized the consumer goods group as a “bloated organization” that lost focus after fending off a 2017 Kraft Heinz takeover bid. Since February, he has overseen an 18% reduction in white-collar staff. The overhaul accompanies broader restructuring, including the planned spin-off of the ice cream business owning Magnum and Ben & Jerry's by November.