Ahead of Magnum ice cream listing on Amsterdam, London exchanges, CEO Peter ter Kulve bids goodbye to Unilever

Just days before the listing, The Magnum Ice Cream Company chief executive officer (CEO) Peter ter Kulve, has stepped down as the President of Unilver's ice cream business

“After 37 fantastic years, I will formally say goodbye to Unilever as The Magnum Ice Cream Company (TMICC) becomes an independent business,” ter Kulve wrote in a LinkedIn post announcing his departure.

Ter Kulve, who was appointed CEO of the newly formed ice cream unit earlier this year, praised Unilever’s internal talent and culture, something he suggested would be difficult to replicate outside the consumer-goods giant. “At The Magnum Ice Cream Company, there is much I love, including the simplicity of our business model,” he said. “But one thing we cannot easily replicate is the extraordinary talent machine that defines Unilever. It is truly special.”

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His resignation comes as Unilever prepares to spin off and publicly list its ice cream division next week. TMICC-home to brands including Magnum, Wall’s and Cornetto-will be incorporated in the Netherlands, with shares expected to list in Amsterdam, London and New York later this year.

Unilever announced the separation in 2024 as part of a broad restructuring, arguing that ice cream operates under a fundamentally different business model and would grow more effectively as an independent company. The board said it believed the brand cluster, which includes Magnum—commanding more than a fifth of the $87 billion global ice cream market—would flourish under new ownership. The global ice cream category has posted steady growth for a decade and is projected to expand 3 to 4 percent annually.

According to Reuters, TMICC will also take over the Ben & Jerry’s brand, inheriting a relationship that has strained in recent years. On Tuesday, the company said that the Ben & Jerry’s Foundation, a U.S.-based charitable entity funded by the ice cream maker, must address deficiencies in financial controls and governance to continue receiving full financial support.