Barry Callebaut CEO exit linked to board clash over proposed cocoa business separation 

SWITZERLAND – Barry Callebaut and its former chief executive officer Peter Feld parted ways last month following a previously unreported strategic clash over a proposal to separate the group’s cocoa business, according to sources quoted by Reuters. 

Members of Barry Callebaut’s board, including chairman Patrick De Maeseneire, opposed the proposal, the sources said.  

The cocoa segment accounted for 31% of the group’s total sales revenue and 15.5% of operating profit in the 2024/25 financial year, underlining its significance to the Swiss chocolate maker’s integrated model. 

In December, reports indicated that Barry Callebaut was in the early stages of assessing a potential separation of its lower-margin cocoa division, with the possibility of selling a minority stake at a later stage. The discussions were aimed at addressing the company’s exposure to volatile cocoa prices. 

“One reason for the departure was diverging views regarding the company’s future strategy,” a person with knowledge of the situation told Reuters, speaking on condition of anonymity because they were not authorised to comment publicly. 

“The CEO was open to considering a separation of the cocoa unit and a potential transaction, but for parts of the board – led by the chairman – this was a non-starter,” the person added. 

Another source said the board initially showed some openness to the idea of a split but later backed away, resulting in a strategic impasse with Feld.  

Barry Callebaut’s ingredients are used in roughly one in four chocolate and cocoa products consumed globally, increasing the stakes around long-term strategic decisions. 

Both sides ultimately agreed that a leadership change was necessary, the source said, noting that disagreements also extended to other areas, including the level of investment in digitalisation. 

The proposal to separate the cocoa business was partly driven by a desire to reduce exposure to sharp commodity price swings. Cocoa demand fell sharply following a price surge in 2024, with consumption in Europe dropping to 21-year lows in the fourth quarter as manufacturers reduced product sizes and reformulated recipes. 

Barry Callebaut processes close to one million metric tons of cocoa annually, representing around one-fifth of global volume, leaving it more exposed to price volatility than consumer-facing chocolate brands that outsource part of their production. 

Earlier this year, the company appointed former Unilever chief executive Hein Schumacher as Feld’s successor, effective January 21. Feld had joined Barry Callebaut as CEO in 2023. 

In an internal memo to employees seen by Reuters, Barry Callebaut said that with its transition programme nearing completion and the business entering “a new phase of growth,” it was the right moment for a CEO transition. 

Schumacher was described as “the right leader at this stage to chart Barry Callebaut’s next phase… based on our fully integrated cocoa and chocolate business model,” the memo said. 

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