Unilever set to cut about 1,500 jobs in big management shake-up

To create five product-focused divisions; move comes as Peltz builds stake

Unilever unveiled plans on Tuesday to cut about 1,500 management jobs in a restructuring aimed at easing shareholders' concerns after a failed acquisition and reports an activist investor has built a stake in the consumer goods giant.

The maker of Dove soap and Magnum ice cream, which employs about 149,000 people worldwide, said the revamp would create five product-focussed divisions -- beauty and well-being, personal care, home care, nutrition, and ice cream.

The move, which Unilever said had been in the works over the past year, echoes the reshaping by rival Procter & Gamble (P&G) three years ago when it created six