Ben & Jerry's Ousts Three Board Members Amid Governance Shake-Up

Shares fell by 2.5% on the New York Stock Exchange after Ben & Jerry's announced the removal of three independent board members, including Chair Anuradha Mittal, as part of a new governance structure. The move, which also affects board members Daryn Dodson and Jennifer Henderson, comes as the company seeks to implement a nine-year term limit for board members. The changes are aimed at preserving the company's independence, according to Ben & Jerry's, but have been met with criticism from co-founder Ben Cohen, who called the move a "blatant power grab." Ben & Jerry's, which was acquired by Unilever in 2000, has been at the center of a long-running dispute over its social activism and the independence of its board. The company's independent board has been a key factor in its decision-making process, particularly in regards to its social mission. The removal of the three board members has sparked concerns about the company's commitment to its social values. Co-founder Ben Cohen, who has been a vocal critic of Unilever's influence over the company, expressed his disappointment with the move. "Anuradha Mittal, Daryn Dodson, and Jennifer Henderson have served this company with integrity and courage," Cohen said. "Over many years, they helped the board make bold, often difficult decisions to uphold Ben & Jerry's social mission." Cohen's comments are the latest in a series of public disagreements between Ben & Jerry's and its parent company, Unilever. The removal of the three board members is part of a broader effort by Ben & Jerry's to implement new governance practices. The company has introduced a nine-year term limit for board members, which will affect several current members, including Chair Mittal. The changes are aimed at ensuring the company's independence and preserving its social mission. Ben & Jerry's has a long history of social activism, and its independent board has played a key role in shaping the company's values and mission. The company has been a vocal advocate for social justice and environmental causes, and its commitment to these values has been a key factor in its success. The removal of the three board members has sparked concerns about the company's commitment to its social values and its ability to maintain its independence. The company's financial performance has been strong in recent years, with revenues of $1.4 billion in 2022. However, the removal of the three board members has sparked concerns about the company's future direction and its ability to maintain its social mission. The company's stock price has fallen by 2.5% since the announcement, reflecting investor concerns about the move. Ben & Jerry's has not commented on the future plans of the removed board members, but it is understood that Chair Mittal will leave the company immediately. Board members Dodson and Henderson will remain in their roles until the end of the year. The company has not provided a timeline for the implementation of the new governance practices, but it is expected to provide further updates in the coming weeks.