A Clean Break: Magnum Begins Life Independent From Unilever

Peter ter Kulve, CEO at The Magnum Ice Cream Company (TMICC), has confirmed he will be saying goodbye to Unilever on 13 December as TMICC becomes an independent business.

Discussing the demerger on LinkedIn, he said he’s “proud to continue to lead as its CEO”. He added: “It has been an honour to serve, and I have tried in my own way to contribute, sometimes with limited success and sometimes with more.”

The firm began its standalone operations in July 2025, with Peter being appointed CEO in the same month. In September, TMICC hosted its Capital Markets Day, where it presented its strategy as a standalone company.

Fast forward to 8 December and TMICC officially started trading as an independent company on the Amsterdam, London and New York stock exchange after finally completing the demerger.

The demerger allows Netherlands-based Magnum to fully concentrate on its cold supply chain while UK-headquartered Unilever can become a “simpler, more focused organisation”, according to the firm.

In a post on LinkedIn at the time of its official listing as an independent company, Unilever CEO Fernando Fernandez said: “TMICC launches as the world’s largest pure-play ice cream company, with iconic brands, a great leadership team led by Peter ter Kulve, and thousands of passionate experts ready to initiate a new journey of market making and exceptional growth.

“For Unilever, this milestone allows us to keep sharpening our focus in building a portfolio of power brands with unparalleled geographical footprint and superior growth prospects.”

Inside the demerger

Peter has spent over 25 years in total at the consumer goods company. He originally joined Unilever Ice Cream in 1988 as a Marketer with his career development leading to the role of CEO Wall’s China in 1999.

Between 2004 and 2009 as Executive Vice President of the Global Ice Cream Category, he led the expansion of the category across developing markets, oversaw the globalisation of the Magnum brand and rollout of Ben & Jerry’s in Europe and he led the integration of the Ice Cream category into Unilever North America.

According to his LinkedIn, he has most recently held the positions of President of Home Care between 2022 and 2024 and President of Ice Cream from 2024 to when he left Unilever in July 2025.

“There are memories of distant places where Unilever allowed us to to live with my family,” he added on LinkedIn, “crazy and exciting business challenges, but above all, amazing people. 

“I’m still in contact with most of the teams I work with, Including my first boss, my first team, and many after.

“I wish Unilever, and especially Fernando Fernandez, every success with the Unilever transformation. And just like a Magnum, this feels like the perfect moment for a clean, satisfying crack as we go our separate ways.”

Magnum success

At the time of the spin-off completion, TMICC is now valued at around £6.9bn (US$9.2bn), compared to Unilever which is valued at £105bn (US$139.7bn).

With brands like Ben & Jerry’s, Wall’s, Cornetto and Magnum in its portfolio, it currently holds a 21% share of global ice cream sales, nearly double that of its largest competitor Froneri.

Unilever still owns a 20% stake in TMICC, which it plans to sell down to 0% over the next five years.

Peter shared: “Today is a proud day for all of us, and it’s only the beginning.”