- 22 September 2025
In mid-September 2025, Jerry Greenfield, one of the founders of Ben & Jerry’s, resigned from his role at the company after 47 years. His statement was shared on social media by Ben Cohen, who founded the business alongside Greenfield, and argued that the brand’s independence to speak on social issues had been “silenced”. A spokesperson for The Magnum Ice Cream Company, which is the new standalone business Unilever is creating by separating out its ice cream brands including Ben & Jerry’s, disagreed and said they had sought to engage both founders to strengthen Ben & Jerry’s values-based position in the world.
Ben & Jerry’s began life in 1978 in Burlington, Vermont. In 2000, Unilever acquired the company for $326 million under a structure that preserved an independent board to safeguard product quality and the social mission.
Activism and brand identity
The founders’ activism has been part of the brand’s identity. In 2009, Ben & Jerry’s marked the legalisation of same‑sex marriage in Vermont by renaming the ice cream Chubby Hubby to Hubby Hubby for a month. In 2019, it launched Justice ReMix’d to support criminal‑justice reform.
The relationship with Unilever has been strained at times. In July 2021, Ben & Jerry’s announced it would stop sales in the Israeli‑occupied West Bank as “inconsistent with our values”, prompting some US states to divest Unilever holdings under anti‑boycott laws.
Tensions flared again in November 2024, when Ben & Jerry’s social‑mission board filed suit, alleging Unilever tried to dismantle the board and restrict public statements on Gaza. In March 2025, an amended filing alleged that Unilever removed CEO David Stever without board approval; Unilever says CEO appointments and removals are its decision after good‑faith consultation with the independent board.
The politics have spilled beyond the boardroom. In May 2025, Ben Cohen was arrested during a protest at the US Senate regarding Gaza; he was charged with a misdemeanour.
Unilever separates its ice‑cream division
Meanwhile, Unilever is separating its ice‑cream division into The Magnum Ice Cream Company (TMICC), expected to list in mid‑November 2025 in Amsterdam, London and New York, with Unilever retaining under 20% initially. TMICC says it will be the only global pure‑play listed ice‑cream company.
Two governance themes stand out: the classic founder‑versus‑professional‑management dilemma inside a subsidiary; and how far a consumer brand can align itself with explicit political stances without clashing with parent‑level risk and capital considerations. Unilever maintains it can appoint or remove the Ben & Jerry’s CEO after good‑faith consultation, while the independent board asserts contractual primacy over the social mission. The resulting grey zone is where most of the controversy sits.
Whatever your view, the episode reminds governance professionals that merger agreements embedding “mission independence” can work, until they collide with reputation, regulatory or capital‑market risks at group level. With TMICC’s listing imminent, the ice‑cream brand’s governance model will continue to test how effectively such carve‑outs can reconcile values with group oversight.
Subsidiary governance at Governance North
Strengthening subsidiary governance is more critical than ever and it’s a key focus at Governance North 2025 on 7 October in Manchester. This event brings together governance professionals to explore practical strategies for managing complex group structures, ensuring alignment, and driving accountability across subsidiaries. Alongside this, you’ll gain insights on AI in governance, board evaluations, and adapting to geopolitical uncertainty.