Lindt replaces CEO after price hikes hurt sales
Chocolate maker Lindt dismissed its CEO following two revenue warnings, as significant price increases led to reduced purchases in key markets. The company lowered its organic growth forecast and appointed an interim leader.
Chocolate manufacturer Lindt has dismissed CEO Adalbert Lechner following two revenue warnings within a year. The company raised prices by an average of 11.8% in the first half of the year due to expensive cocoa beans, leading to significantly reduced purchases in key markets including Germany, Switzerland, and the UK. Lindt originally targeted organic revenue growth of 6% to 8% for the year but has lowered this forecast to 0% to 2%. Dieter Weißkopf, who led the company until 2022, will take over as interim CEO. The stock rose 1% at the opening. The situation illustrates the limits of pricing power, even for premium brands like Lindor, as consumers become more sensitive to price increases.