Why It Matters
Ben & Jerry’s governance overhaul—including the appointment of three independent directors and the creation of a new charitable entity—raises questions about the ice cream company’s commitment to its social mission decades after its sale to corporate ownership. The restructuring has triggered objections from co-founder Ben Cohen and created uncertainty for Vermont’s philanthropic community, which has long relied on grants from the company’s foundation.
What Happened
Ben & Jerry’s announced the appointment of three new independent board directors on Wednesday: Nora Benavidez, an attorney specializing in civil rights and free speech; Michael McAfee, chief executive of PolicyLink think tank; and Eva Schulte, an environmental advocate and nonprofit executive. The moves follow the company’s signaling of intent to entirely replace its philanthropic foundation.
Co-founder Ben Cohen contends the governance changes represent a departure from the company’s foundational values. “This is about the heart and soul of Ben & Jerry’s,” Cohen told Vermont Digger, as first reported by the VTDigger. He alleges corporate leadership is attempting to undermine the independence of the company’s social mission and has previously censored calls for a Gaza ceasefire.
The restructuring centers on a newly registered entity called the “Ben & Jerry’s Linked Prosperity Foundation,” registered with the Vermont Secretary of State in January. Unlike the established Ben & Jerry’s Foundation, the Linked Prosperity entity is organized as a limited liability company rather than a 501(c)(3) nonprofit. The registration lists Michael Graning, a former company finance head, and Palmina Fava, a company lawyer, as founders.
The original Ben & Jerry’s Foundation, long headquartered in South Burlington, is in distress. Its staff was forced to vacate the office last month after funding from the company ceased in 2025. Foundation reserves are projected to be depleted by year’s end.
Liz Bankowski, president of the Ben & Jerry’s Foundation board, questioned the rationale for the new structure: “Why would they want to create a new foundation when the one they have is highly respected and revered by their employees, by thousands of grantees?”, as first reported by the VTDigger
A judge recently tossed portions of a yearslong lawsuit filed by former board members against the company, but allowed claims relating to corporate control and financial obligations to proceed.
By the Numbers
$600,000 — annual grants dispersed by the Ben & Jerry’s Foundation across Vermont
2000 — year Unilever purchased Ben & Jerry’s from co-founders Cohen and Jerry Greenfield
2025 — year Ben & Jerry’s ceased funding the foundation and when an audit by Unilever remained unreleased
Zoom Out
Ben & Jerry’s has navigated complex ownership dynamics since its 2000 acquisition by Unilever. The company was spun off from Unilever last year under The Magnum Ice Cream Company, a restructuring intended to give the Vermont brand greater operational independence while remaining under larger corporate ownership. The tension between the company’s stated social mission and corporate cost management mirrors broader challenges facing mission-driven brands acquired by multinational conglomerates.
What’s Next
The fate of the Ben & Jerry’s Foundation’s grant-making operations remains uncertain as reserves dwindle toward depletion. Vermont nonprofits and advocacy groups that have depended on foundation support now face the prospect of shifting resources or operational adjustments. The litigation over corporate control and financial obligations is expected to continue.