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 executive Peter ter Kulve, who has previously faced criticism from the board of its Ben & Jerry’s business.

Ter Kulve is expected to receive the Unilever (LON:ULVR) board’s approval next month for his appointment as CEO of the Magnum Ice Cream Company, said a spokesperson for the London-based parent.

The Magnum Ice Cream company is getting ready for a planned Amsterdam listing this year. Ter Kulve, a long-standing Unilever executive, already is the company’s president of ice cream.

The Magnum Ice Cream Company 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 over its stance on the war in Gaza.

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 the Chubby Hubby ice cream maker to express support for Palestinian refugees and end military aid to Israel. 

The Magnum Ice Cream Company 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 (NYSE:GIS)’ 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)