Ben & Jerry’s Takes Unconventional Flavor Further With Search for CEO
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WATERBURY, Vt. — Ben & Jerry’s Homemade Inc. co-founder Ben Cohen said Monday that he will step aside as chief executive to concentrate on “fun stuff” such as new flavors and marketing ideas as the company seeks a chief executive with more business experience. Cohen will remain as chairman.
The folksy upstart ice cream company, which came out of nowhere to take 40% of the market for premium ice cream and frozen yogurt, has seen its stock price fall by almost half in the past 18 months. Its 1993 earnings were hurt by problems that included a delay in opening a $35-million packing plant.
After the announcement, Ben & Jerry’s Class B shares rose 25 cents to close at $13.25 a share on the Nasdaq.
In trying to recruit realistically, the board of the unconventional company voted to jettison its much-touted policy of paying no one more than seven times the salary and benefits of the lowest-paid employee.
Although the company is hiring an executive-search firm, it will also use store posters to launch an essay contest: “Why you should be Ben & Jerry’s next CEO, in 100 words or fewer.” The winner gets to be CEO. The runner-up gets free ice cream for life.
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