Unilever Names New Ben & Jerry's CEO Against Board Wishes as Ice Cream Spin-Off Looms

Ice Cream Power Struggle: Unilever's Bold CEO Move Intensifies Ben & Jerry's Governance Battle

Unilever has appointed Jochanan Senf as Ben & Jerry's new CEO—without the blessing of the ice cream maker's fiercely independent board. The decision, announced today, marks a dramatic escalation in a years-long tug-of-war between the consumer goods giant and the Vermont-based brand known for its progressive activism.

The appointment arrives at a crucial moment as Unilever prepares to spin off its entire ice cream division—including Ben & Jerry's, Magnum, and Breyers—into a separate entity later this year. Industry analysts value the potential listing at €12-15 billion.

"It's about power and principles," said a person familiar with the board's thinking. "Ben & Jerry's has always been more than just ice cream, and the board believes Unilever is systematically dismantling that legacy ahead of the spin-off."

Flavor of Resistance: The Ousting That Sparked a Legal Battle

At the heart of this corporate standoff is David "Dave" Stever, who joined Ben & Jerry's in 1988 as a factory tour guide and rose through the ranks to become CEO in May 2023. During his brief tenure, Ben & Jerry's maintained mid-single-digit volume growth and expanded its e-commerce presence by approximately 15%—all while continuing the brand's tradition of vocal political activism.

In March 2025, Ben & Jerry's independent board sued Unilever, alleging that Stever was removed not for underperformance—his financial metrics reportedly met targets—but for defending the brand's social mission, particularly its controversial 2021 decision to halt sales in Israeli-occupied West Bank territories.

Internal documents cited in the board's filing reveal that Unilever offered Stever an expanded global role with higher compensation, which he declined, reportedly citing "mission integrity." The company then exercised its contractual right to appoint a successor, arguing Stever's stance "created material reputational risk."

Calculated Compromise: The Strategic Selection of Senf

In Jochanan Senf, Unilever appears to have found its ideal candidate to navigate these troubled waters. The Dutch executive, who joined Unilever in 2003 and previously served as Managing Director of Ben & Jerry's Europe, brings a unique combination of brand familiarity and corporate loyalty.

During his tenure in Europe, Senf grew Ben & Jerry's revenues while launching the "Caring Dairy" sustainability program—demonstrating an understanding of the brand's social mission that might appease its independent board.

"Senf represents the compromise candidate Unilever desperately needs," explained a consumer goods analyst who requested anonymity. "He has the operational chops to prepare the brand for spin-off while possessing just enough activism credentials to potentially defuse the governance time bomb."

Unlike his predecessor, Senf has maintained a relatively low public profile with no recorded controversies or governance disputes—a quality undoubtedly attractive to Unilever as it prepares investor roadshows for the ice cream division's listing.

Melting Relationship: A Governance Structure Under Pressure

The unusual governance structure at the center of this dispute dates back to Unilever's 2000 acquisition of Ben & Jerry's. Under those terms, the independent board retains exclusive control over the brand's "social mission" and marketing—a provision that has become increasingly problematic for Unilever as Ben & Jerry's activism generates both devoted followers and vociferous critics.

Peter ter Kulve, Unilever's ice cream unit leader, defended the company's actions, stating they attempted collaboration in "good faith," but the board resisted, delaying the process and threatening litigation.

The board counters that Unilever violated the acquisition agreement by excluding them from the CEO selection process—a claim that will be tested in a Manhattan courtroom this October.

Wall Street Watches: The Financial Stakes of Corporate Activism

For investors, the governance dispute creates substantial uncertainty around the valuation of Unilever's planned ice cream spin-off, tentatively called "The Magnum Ice Cream Company" .

The ice cream unit generated €8.3 billion in revenue for fiscal year 2024, with underlying operating margins around 12%. At a standard valuation of 10× EV/EBITDA, this implies a €12-13 billion enterprise value—though some reports suggest Unilever hopes to achieve a €15 billion valuation.

"A governance overhang of this magnitude typically costs at least one turn of EBITDA," noted a portfolio manager specializing in consumer goods. "Unless Senf secures a settlement with the board before the roadshow, expect pricing nearer 9× with potential upside only if the dispute is contained post-listing."

Sweet Investment Opportunities or Bitter Risks?

The unfolding drama presents both opportunities and hazards for investors eyeing the upcoming spin-off. Market watchers identify three potential scenarios:

A base-case "détente" scenario (50% probability) envisions the board securing enhanced disclosure rights while toning down activism, allowing the IPO to proceed in Q3 at a 10× multiple. This would likely improve margins by 50 basis points through promotional discipline.

The optimistic "reconciliation" scenario (25% probability) would see the board taking seats on TMICC and dropping the lawsuit, potentially driving margins up 100 basis points through marketing synergies and securing an 11-12× valuation.

However, the "litigated verdict" bear case (25% probability) looms large—if the Southern District of New York grants the board's injunction, the IPO could be delayed until 2026, with legal costs and capital market disruptions potentially reducing margins by 150 basis points and valuation dropping to 8×.

For tactical investors, several approaches merit consideration. A "stub trade" strategy—going long on Unilever ex-ice cream while shorting TMICC on demerger day—could capitalize on the valuation gap between the core company (15× EV/EBITDA) and spin-off .

More opportunistic investors might consider participating in pre-IPO anchor rounds, if offered, with the view that even at 9-10×, the ice cream business offers above-group growth potential once freezer capital expenditures diminish.

Critical Timeline: Approaching Decision Points

Several key dates will shape this corporate drama's resolution. Unilever's Q2 results on July 25 will provide the first performance data since Stever's departure. The all-important Capital Markets Day follows on September 9, when Unilever will present detailed spin-off plans to investors.

October brings the crucial court hearing on the board's injunction motion, followed by the expected F-1/Prospectus filing in mid-November. The listing window remains targeted for late Q3 or Q4 2025, though litigation could force delays.

"Senf has essentially 60 days to broker peace before Capital Markets Day," observed a corporate governance specialist. "That's when Unilever needs to present a clean story to investors—one without the asterisk of an active lawsuit from its flagship brand's board."

As summer unfolds, all eyes remain on whether Senf—a seasoned operator with both corporate loyalty and brand understanding—can bridge the widening chasm between profit objectives and activist authenticity without triggering further legal battles or public relations crises.

In the high-stakes world of corporate spin-offs, Ben & Jerry's unique governance structure has transformed from a quirky footnote into a case study that could reshape how companies approach social mission guarantees in future acquisitions.

Note to readers: This article provides analysis based on currently available information. Market projections represent informed analysis rather than predictions. Past performance does not guarantee future results. Readers should consult financial advisors for personalized investment guidance.