Latest news with #TMICC
Yahoo
4 days ago
- Business
- Yahoo
Exclusive-Unilever proposes Peter ter Kulve as CEO of ice cream spin-off
By Jessica DiNapoli and Richa Naidu NEW YORK/LONDON (Reuters) -Unilever has named its preferred candidate to lead the group's soon-to-be listed ice cream division, proposing Peter ter Kulve, who has previously faced criticism from the board of its Ben & Jerry's business. Ter Kulve, a longstanding Unilever executive who is president of The Magnum Ice Cream Company (TMICC), is expected to receive TMICC board approval next month for his appointment as CEO, said a spokesperson for parent Unilever, ahead of a planned Amsterdam listing this year. TMICC is home to six of the world's top 10 ice cream brands, including Ben & Jerry's, which has been publicly at odds with ter Kulve and its parent company in recent years. Representatives for Ben & Jerry's and its independent board did not respond immediately to requests for comment. Unilever declined to comment on the implications of ter Kulve's proposed appointment. Ben & Jerry's was acquired by Unilever in 2000 for $326 million in a deal that included a unique clause allowing the brand to maintain its own independent board of directors with authority over its social mission while Unilever controlled operational and financial decisions. The acrimonious relationship between the Ben & Jerry's board and ter Kulve, who has headed Unilever's ice cream business since 2024, included a November lawsuit against Unilever that accused the company of silencing attempts by Ben & Jerry's to express support for Palestinian refugees and end military aid to Israel. TMICC generated turnover of 8.3 billion euros ($9.6 billion) in 2024. It controls 20% of the global ice cream market, according to Barclays, which estimates that Ben & Jerry's is the world's third-largest ice cream brand by sales, behind Magnum and General Mills' Haagen-Dazs. About 60% of Ben & Jerry's sales come from the United States, Barclays said. "Ben & Jerry's and Magnum are the two key premium brands for the Magnum Ice Cream Company," said Barclays analyst Warren Ackerman. "Investors will want reassurance that there will not be any further fallout ... but with the legal dispute still ongoing, there is still some tail risk in our view." ($1 = 0.8655 euros) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Business
- Yahoo
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)
Reuters
4 days ago
- Business
- Reuters
Exclusive: Unilever proposes Peter ter Kulve as CEO of listed ice cream unit
LONDON, June 17 (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)
