 "New innings for sacked Unilever boss: Can he revive fortunes of world’s largest chocolate maker?")
Barry Callebaut, the world’s largest chocolate maker, has named former Unilever chief executive Hein Schumacher as its new CEO, betting that the ex-FMCG veteran can steer the company out of a prolonged period of disruption triggered by volatile cocoa prices and an internal restructuring.
The Swiss group said on Tuesday that Schumacher will take charge on January 26, replacing Peter Feld, who is stepping down after less than two years in the role. Feld, appointed in 2023, oversaw a broad reorganisation aimed at stabilising the business as global cocoa supply shocks squeezed volumes and margins.
Schumacher’s arrival marks a high-profile comeback less than a year after he was abruptly removed by Unilever’s board, which had grown impatient with the pace of his turnaround plan at the London-listed consumer goods group.
From Unilever exit to chocolate industry comeback
Schumacher’s departure from Unilever had rattled investors and raised questions about strategic execution at one of the world’s biggest consumer goods companies. Barry Callebaut’s chair Patrick De Maeseneire played down concerns around Schumacher’s recent exit, framing the leadership change as a response to evolving business needs.
“Doing a transformation requires a certain profile of leader,” De Maeseneire told analysts. “Going for a growth trajectory requires another profile.”
Cocoa price shock continues to hit volumes
The leadership change came as Barry Callebaut reported another sharp decline in sales volumes, underlining the lingering impact of the cocoa price shock that has rippled across the chocolate industry.
Sales volumes fell 9.9 per cent in the three months to the end of November. Chocolate volumes dropped 6.8 per cent, while cocoa volumes slumped 22 per cent, the company said.
Cocoa prices surged to more than $12,000 a tonne at the end of 2024 after poor harvests in West Africa, the world’s main cocoa-producing region. Although prices have eased in recent months, the damage to demand and customer ordering patterns has been slow to reverse.
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View AllWhy Barry Callebaut is more exposed than consumer brands
Barry Callebaut’s business-to-business model has made it particularly vulnerable to cocoa price volatility. Unlike consumer-facing brands, which can raise retail prices relatively quickly, the Swiss group supplies cocoa and chocolate ingredients to large food manufacturers, meaning cost increases often take longer to flow through contracts.
Before announcing his departure, Feld said easing cocoa prices were starting to relieve pressure on the business — a tentative sign that the worst of the disruption may be over.
No breakup on the table, chair insists
De Maeseneire also dismissed speculation that Barry Callebaut could split its cocoa processing and chocolate manufacturing businesses to unlock value, stressing that integration remains central to the company’s strategy.
“Barry Callebaut has, since going public, been a fully integrated company, and we have the absolute intention to stay that way,” he said.
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