Barry Callebaut, the world's biggest chocolate maker, has appointed Peter Feld as its new chief executive after reporting a decline in first half sales volumes.
Feld succeeds the outgoing CEO Peter Boone, who steps down due to personal reasons, with immediate effect. Feld previously held the top position at Jacobs Holding, Barry Callebaut's biggest shareholder.
"We are delighted that Peter Feld, a seasoned leader with over 30 years’ experience at top global consumer goods and services companies, is joining Barry Callebaut," Patrick De Maeseneire, chairman of the board of directors, said of his appointment.
"His track record with international brands is exceptional. In addition, he has many years of experience in the food industry. This unique combination makes him the ideal person to further develop Barry Callebaut successfully with a focus on sustainable growth."
Read More: One In Two Products Sold By Barry Callebaut Contains 100% Sustainable Cocoa Products: Report
Sales Volumes Fall
The Zurich-based company, which supplies chocolate for the Magnum ice creams made by Unilever and for Nestlé's KitKat bars, said sales volumes in its first half of fiscal 2022/2023 fell 2.9% to 1.130 million tonnes.
Sales revenue was up 7.9% in local currencies, to CHF 4.2 billion (€4.24 billion), while net profit was up 10.4% in local currencies.
Barry Callebaut's volumes have been hit by growing inflationary pressures dampening demand for chocolate and the limited availability of its global brands.
Lower volumes led the chocolate maker to update its 2023 guidance. The company now forecasts volume growth to be "flat to modest," according to its CFO Ben De Schryver.
Read More: Cocoa Industry To Grow At CAGR Of 5% Over Next Decade
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