Unilever has named Peter ter Kulve as its preferred candidate to lead the newly independent Magnum Ice Cream Company ahead of its planned stock market listing in Amsterdam later this year. Ter Kulve, currently chairman of the group's ice cream division, is expected to receive formal approval from Unilever's board next month to take on the role of CEO.
The new company includes six of the world's top ten ice cream brands, including Magnum and Ben & Jerry's. The latter has had strong differences with ter Kulve and Unilever in the past, particularly over the brand's stance on the Israeli-Palestinian conflict. Tensions that resulted in a lawsuit in November 2024, with Ben & Jerry's independent board accusing Unilever of trying to stifle the brand's commitment to Palestinian refugees.
Acquired in 2000 for $326 million, Ben & Jerry's has retained an independent board for its social mission, while the parent company controls financial and operational aspects. The future of the coexistence between the two souls of the brand remains uncertain.
In 2024, Magnum Ice Cream Company generated revenues of €8,3 billion and holds 20% of the global ice cream market, according to Barclays. Ben & Jerry's is estimated to be the third-largest brand in the world by sales, after Magnum and Haagen-Dazs. "Investors will want reassurance that there will be no further tension," commented Barclays analyst Warren Ackerman, "but as long as the legal dispute remains open, a residual risk persists."
