Ben Cohen has renewed his criticism of hedge fund influence over the ice-cream business following the appointment of a partner from activist Trian Fund Management to the board of Magnum Ice Cream Company, according to a report by The Times.
The move escalates a long-running dispute between the founders of Ben & Jerry’s and its corporate owners, which intensified after the ice-cream division of Unilever was separated and listed as a standalone entity last year.
Nelson Peltz, a prominent activist investor and Unilever board member, has long been involved with the consumer group through Trian’s investment. The hedge fund first built a stake in Unilever in 2022 and received shares in the newly listed Magnum business following the spin-off. Unilever still retains roughly a 20% holding in the company.
Cohen said the appointment of a Trian partner to Magnum’s board signalled growing influence from investors focused on financial performance rather than the brand’s social mission. He argued that governance changes since the demerger had weakened the independent board structure created when Ben & Jerry’s was sold to Unilever for $326m in 2000.
The independent board was originally designed to safeguard the company’s social activism commitments. However, several members have departed since the separation of the ice-cream unit, leaving only one independent director alongside chief executive Jochanan Senf.
The governance changes have become a flashpoint in an ongoing legal dispute between Ben & Jerry’s leadership and Unilever over the brand’s autonomy and public messaging.
Magnum said it remained committed to the company’s “three-part mission” covering product quality, economic performance and social impact. The group added that recent governance updates were consistent with the original merger agreement and standard corporate practices.
Trian reportedly declined to comment.
