Exclusive-Unilever proposes Peter ter Kulve as CEO of listed ice cream unit
By Jessica DiNapoli and Richa Naidu
LONDON (Reuters) -Unilever said on Tuesday that it has proposed its soon-to-be listed ice cream business will be led by Peter ter Kulve, whom the Ben & Jerry's board has accused in lawsuits of "eye-popping" ignorance and muzzling its social purpose policies.
"Approval of the full board of The Magnum Ice Cream Company by the Unilever board is anticipated in July 2025," a Unilever spokesperson said in an emailed statement. Ter Kulve, who is currently the ice cream business' president, would become CEO of the Magnum Ice Cream Company (TMICC) that will list in Amsterdam by the end of the year.
TMICC is home to six of the world's top 10 ice cream brands, including Ben & Jerry's, Cornetto and Wall's, and generated turnover of 8.3 billion euros ($9.59 billion) in 2024.
The news deals a blow to the independent board of Ben & Jerry's, which has in recent years been publicly at odds with ter Kulve and its parent company.
A representative for the board did not immediately respond to a request for comment. A spokesperson for Ben & Jerry's did not immediately respond for comment.
($1 = 0.8655 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
38 minutes ago
- Yahoo
Facilities by ADF Full Year 2024 Earnings: EPS Misses Expectations
Revenue: UK£35.2m (up 1.2% from FY 2023). Net loss: UK£3.05m (down by 485% from UK£794.0k profit in FY 2023). UK£0.034 loss per share (down from UK£0.01 profit in FY 2023). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period The primary driver behind last 12 months revenue was the Hire of Facilities (excluding Location One) segment contributing a total revenue of UK£24.9m (71% of total revenue). Notably, cost of sales worth UK£22.3m amounted to 63% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to UK£11.3m (71% of total expenses). Explore how ADF's revenue and expenses shape its earnings. Facilities by ADF's share price is broadly unchanged from a week ago. It's necessary to consider the ever-present spectre of investment risk. We've identified 4 warning signs with Facilities by ADF (at least 2 which don't sit too well with us), and understanding them should be part of your investment process. — Investing narratives with Fair Values Vita Life Sciences Set for a 12.72% Revenue Growth While Tackling Operational Challenges By Robbo – Community Contributor Fair Value Estimated: A$2.42 · 0.1% Overvalued Vossloh rides a €500 billion wave to boost growth and earnings in the next decade By Chris1 – Community Contributor Fair Value Estimated: €78.41 · 0.1% Overvalued Intuitive Surgical Will Transform Healthcare with 12% Revenue Growth By Unike – Community Contributor Fair Value Estimated: $325.55 · 0.6% Undervalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
42 minutes ago
- Yahoo
This dividend stock's yielding 5.5% but its directors have sold nearly 15m shares this month!
Brickability Group's (LSE:BRCK) a distributor of construction materials (not just bricks) and has built (excuse the pun) a reputation as a dividend stock. And with earnings growing strongly I'm sure shareholders will be hopeful that its payout will continue to rise. On 24 April, the group released a pre-close trading update stating that revenue for the year ended 31 March (FY25) is expected to be 7% higher than in FY24. Also, adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) is forecast to be 11% better. Some of the improvement is due to its specialist cladding and fire remediation division delivering projects ahead of schedule. This is a shift of turnover between accounting periods rather than new business. But the group said there was 'good momentum in trading' more generally. Within a week of this announcement, the group's share price had risen 15.5%. But its shares are now changing hands for only fractionally more than before the news was released. It means nearly all of the benefit to shareholders from its FY25 results being ahead of expectations has been lost. So what's going on? A quick look at the company's other stock exchange announcements is revealing. On 13 June, Alan Simpson, a non-executive director (NED), and Sarah Simpson, a close associate, reduced their combined stake from 11% to 7.23%. The shares fell nearly 6% when this news was announced. The amount received hasn't yet been disclosed but it's likely to be around the £7m mark. And two days earlier, the managing director of Brickability's Distribution division sold 3m shares and another NED offloaded 1m. These sales realised proceeds of £2.07m and £690,000 respectively. Of course, I've no idea why these individuals have decided to reduce their stakes in the company. Everyone has different financial circumstances and I don't think it's unreasonable to 'cash out' at some stage. After all, you can't spend shares. But whatever the reasons, these sales aren't a good look. These senior managers are going to miss out on generous levels of passive income. Based on amounts paid over the past 12 months, the stock's currently (20 June) yielding 5.5%. The FTSE AIM All-Share index is offering 2.27%. We don't yet know what the final dividend for FY25 will be but it looks as though it's likely to be higher than it was in FY24. If so, it means the group will have increased its annual payout for four consecutive years. But the group's relatively small. As its listed on the Alternative Investment Market (AIM) with a market-cap of just under £200m, it doesn't have the financial firepower to cope with a sustained downturn in the UK construction industry. And even though I'm sure there are perfectly valid reasons for the directors' share sales, they're likely to dent investor confidence. But the group has lots going for it. Revenue and earnings are heading in the right direction and the green shoots of a recovery are starting to show in the housebuilding sector. Also, the UK cladding 'scandal' is providing plenty of opportunities for further work. For these reasons, when combined with a healthy 5%+ yield, investors could consider adding the stock to their portfolios. The post This dividend stock's yielding 5.5% but its directors have sold nearly 15m shares this month! appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool James Beard has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
an hour ago
- Yahoo
British Airways trials removing individual water bottles from flights
British Airways is trialling removing water bottles from in-flight drinks services as part of 'efforts to reduce plastic waste'. Economy passengers on long-haul flights connecting London Heathrow with three US cities – Miami, Boston, and Los Angeles – will instead be served cups of water as part of the new sustainability trial. Paper cups provided by cabin crew have temporarily replaced individual plastic water bottles on these select routes for travellers in BA's economy and premium economy cabins. On a FlyerTalk forum, a passenger flying from Miami to Heathrow said: 'There were no bottles of water they could give me as BA is trialling not offering any bottles of water for two weeks now.' They added that the individual water cuts were 'obviously a cost-saving exercise under the guise of saving the polar bears'. The airline confirmed that a one-week trial reducing single-use plastic onboard is running between 16 and 22 June. BA's Club World and first class passengers are not currently impacted by the experimental plastic bottle ban. A spokesperson for British Airways told The Independent: 'This is a one-week trial on three routes as part of efforts to reduce plastic waste. The views of our customers are very important to us, and we'll be listening very carefully to their feedback.' In October 2024, BA was accused of scrambling to cut costs by frequent flyers after introducing a new brunch service on long-haul flights. The extended breakfast for lunch meals are served on flights that depart between 8.30am and 11.29am. Menu items for the primary inflight meal across seat categories now include cheese frittatas, Belgian waffles and poached eggs on sourdough, rather than a full meal. Several frequent flyers said they considered the changes 'cheap' and a 'major downgrade' of the service. BA said the new brunch service was implemented in line with positive customer feedback on classic brunch dishes and lighter lunch options.
