Unilever signalled the end of an era with the agreement of a $66bn (£50bn) merger of its food division with US spices and sauces specialist McCormick last week.

CEO Fernando Fernandez – lauded by chairman Ian Meakins for his ability to “drive change at speed” when he took the helm last year – hopes Unilever will now be able to compete on a more even playing field with US peers Procter & Gamble and Colgate-Palmolive.

The ex-president of beauty told journalists the transaction marked “another decisive step” in Unilever’s journey to transform into a pureplay home and personal care (HPC) supplier with a stronger financial profile, better gross margins and higher brand investment to support superior volume growth.