Barry Callebaut has hired former Unilever and FrieslandCampina CEO Hein Schumacher as its new chief executive.
Shares in the B2B chocolate giant, which has been rumoured to be considering hiving off its cocoa division, rose today (21 January) after the announcement.
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Schumacher was in charge at Unilever when, in March 2024, the consumer-goods group said it would spin-off its ice-cream business.
He left Unilever in February last year, before the separation was completed. The formation of The Magnum Ice Cream Company, a customer of Barry Callebaut’s, was established last year.
Schumacher succeeds Peter Feld at the helm of Barry Callebaut. Feld will leave next week “to pursue other career opportunities”. He has been chief executive since 2023.
Barry Callebaut chairman Patrick De Maeseneire said the company was nearing the completion of a “transformation programme”, dubbed BC Next Level, to make the company “simpler, leaner and more agile”.
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By GlobalData“With the upcoming completion of BC Next Level, the board and Peter decided that now is the right time for a CEO transition,” De Maeseneire said. “Next to championing our transformation programme, BC Next Level, Peter has navigated our company through the perfect storm, with unprecedented cocoa bean prices, market turbulence and a challenging geopolitical situation. On behalf of the entire board, we thank Peter for his immense work and leadership and wish him all the best for the future.”
De Maeseneire has reportedly denied Barry Callebaut is exploring the idea of separating its cocoa arm from the rest of the business.
The news of Schumacher’s appointment came alongside the publication of Barry Callebaut’s sales figures for the first quarter of its financial year.
In the three months to 30 November, revenue rose 8.9% to SFr3.67bn ($4.64bn). However, volumes slid almost 10%. Barry Callebaut pointed to Nielsen figures that showed the chocolate confectionery market was “declining”.
In Barry Callebaut’s last full financial year, a period that ran to the end of August, revenue jumped 42.4% to SFr14.79bn as the company sought price increases to cover high cocoa bean commodity costs. However, volumes were down 6.8%.
De Maeseneire said today: “Hein is a seasoned and decisive leader with a unique blend of expertise in food, B2C/B2B and ingredients, as well as a proven track record in creating significant shareholder value from two CEO positions with Unilever and Royal FrieslandCampina. He is the right leader at this stage to chart Barry Callebaut’s next phase of increased customer focus, winning culture and financial strength, based on our fully-integrated cocoa and chocolate business model.”
Shares in Barry Callebaut were up 2.41% at SFr1,277 at 14:11 CET today. They had risen to SFr1,328 earlier in the morning after the announcement of Schumacher’s appointment.
