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Jerry Greenfield Quits Ben & Jerry’s After 47 Years, Citing Unilever “Silencing” Over Gaza

  Unilever and Ben & Jerry's have clashed since 2021, when the ice cream maker said it would stop sales in the Israeli-occupied West Bank. Ben & Jerry’s co-founder Jerry Greenfield has resigned after nearly five decades at the iconic ice cream brand, deepening a long-running feud with parent company Unilever over its stance on the Gaza conflict. In an open letter shared by partner Ben Cohen, Greenfield said the company’s independence — enshrined in its 2000 merger agreement with Unilever — had eroded, leaving its social mission “silenced.” The rift traces back to 2021, when Ben & Jerry’s halted sales in Israeli-occupied West Bank settlements, a move Unilever opposed. The dispute escalated as the brand’s social mission board described Israel’s war on Gaza as “genocide,” a rare position for a major U.S. company. Unilever’s ice cream division, Magnum, thanked Greenfield for his contributions but rejected his claims, saying it sought constructive dialogue to preserve the...
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TD Bank: Navigating Challenges and Changes

 

Toronto-Dominion Bank (TD), once revered as the pinnacle of banking, is facing a shift in perception. The bank, known for its robust profits and investor appeal, is experiencing a tarnished reputation. A series of events, including messy succession planning, a dimmed growth outlook, and a more reserved stance on social issues, have contributed to this change.

The bank’s attempted acquisition of First Horizon Corp was blocked by U.S. authorities, revealing significant anti-money laundering issues and attracting the Department of Justice’s attention. This setback, coupled with the departure of key executives, has raised questions about TD’s future direction.

Despite these challenges, TD remains a strong lender with solid operations. It continues to command respect from investors, reflected in its stock trading at 10.8 times next year’s expected earnings. However, it now trails behind its chief rival, Royal Bank of Canada, which trades at 11.5 times estimated earnings.

TD’s Canadian personal banking division struggled during the pandemic, while its peers thrived. The bank’s leadership, once a close-knit ‘corporate family,’ now appears more restrained, with less substantive communication.

As TD approaches a leadership transition, it retains fundamental advantages, such as a stable source of cheap funding from retail deposits. Some questioned strategies are showing promise, like the revamped Aeroplan program and expansion in capital markets with the Cowen Inc. acquisition.

In summary, TD Bank is at a crossroads, with its once-unquestionable trust starting to wane. The bank’s next steps will be crucial in maintaining its esteemed position and regaining the confidence of stakeholders. The future leader will inherit a bank with a solid foundation but must navigate the uncertainties that lie ahead.


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