Barry Callebaut appoints new CEO after H1 sales drop

(Reuters) -Barry Callebaut, the world’s biggest chocolate maker, on Wednesday 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.

The Zurich-based company, which supplies chocolate for the Magnum ice creams made by Unilever (NYSE:) and for Nestle’s KitKat bars, said sales volumes in its first half of fiscal 2022/2023 fell 2.9% to 1.130 million tonnes.

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.