Jerry Greenfield, renowned as the co-founder of the iconic Vermont-based ice cream brand Ben & Jerry’s, has amassed a net worth estimated at $150 million. Alongside his childhood friend Ben Cohen, Jerry transformed a modest investment into a global enterprise. The duo initially pooled $8,000 in savings and secured a $4,000 bank loan to launch their first ice cream shop in the late 1970s. Over the years, their brand expanded internationally, now available in over 40 countries with annual revenues approaching $700 million. In 2000, food conglomerate Unilever acquired Ben & Jerry’s for $326 million, by then generating $237 million annually. Although Greenfield and Cohen receive salaries from Unilever, they no longer participate in the day-to-day running of the company.
Philanthropy and Social Advocacy
Beyond their business achievements, Jerry Greenfield and Ben Cohen have long been committed to social justice. In 1995, they established the Ben & Jerry’s Foundation, a nonprofit dedicated to funding progressive causes both locally in Vermont and nationally. Their activism has been recognized on multiple occasions, including the 1988 honor of U.S. Small Business Persons of the Year awarded by the U.S. Small Business Administration. The pair also authored two influential books, sharing insights into their values-driven business model and homemade recipes.
Jerry Greenfield (Image via Getty)
Roots and Early Influences
Born on March 14, 1951, in Brooklyn, New York, Jerry Greenfield grew up in a Jewish family on Long Island. His friendship with Ben Cohen began in middle school gym class in 1963, and they later attended Sanford H. Calhoun High School together. Jerry pursued higher education at Oberlin College in Ohio, focusing on pre-med studies while working as an ice cream scooper in the campus cafeteria. Despite graduating in 1973, his attempts to enter medical school were unsuccessful. He returned to New York, moved in with Cohen, and worked as a lab technician before relocating to North Carolina in 1974 with his girlfriend Elizabeth Skarie.
The Birth of Ben & Jerry’s Ice Cream
Originally planning to open a bagel shop, Greenfield and Cohen pivoted after discovering the prohibitive cost of bagel equipment. Instead, they enrolled in a $5 ice cream-making course at Pennsylvania State University, setting the stage for their future venture. In May 1978, they launched Ben & Jerry’s Homemade Ice Cream Parlor in Burlington, Vermont, a college town that lacked an ice cream shop. Each invested $4,000, complemented by a $4,000 bank loan, to open their first store.
A unique aspect of their flavor creation was influenced by Cohen’s anosmia, a condition impairing his sense of smell and taste. This challenge led to the signature chunks in their ice cream, added to boost flavor recognition. Cohen explained in a 2021 interview how Greenfield would keep adding flavoring until Cohen could accurately identify the taste.
Growth and Brand Expansion
By 1980, the founders began distributing pints in grocery stores, and within seven years, Ben & Jerry’s had grown into a $30 million company. Their first franchised store opened in Shelburne, Vermont, in 1981. Today, the brand boasts 615 locations worldwide.
Ben & Jerry’s is celebrated for innovative flavors like Americone Dream, Half Baked, Phish Food, Chunky Monkey, and Cherry Garcia. The company prioritizes ethical sourcing, using fair trade-certified ingredients, non-GMO products, and dairy from Certified Humane cage-free farms. Following the Unilever acquisition in 2000, Greenfield and Cohen stepped back from managing the company. Jerry described their current role as goodwill ambassadors, focusing on promoting the company’s social values rather than its commercial success.
Jerry Greenfield (Image via Getty)
The Unilever Acquisition and Its Impact
In April 2000, Unilever made a significant move by acquiring two brands simultaneously: Slim-Fast Foods for $2.3 billion and Ben & Jerry’s for $326 million. The acquisition process took over a year, with Jerry initially opposing the idea of joining a major corporation.
During negotiations, a rival offer from Dreyers proposed a stock-swap deal, granting Ben & Jerry two board seats and about 25% ownership in the merged company. However, Unilever’s higher cash offer, along with several unique commitments, sealed the deal.
Unilever agreed to preserve Ben & Jerry’s social mission, commit to sourcing milk exclusively from Vermont dairy farmers at premium prices, donate 7.5% of pre-tax profits to charity, maintain an independent board of directors, and cover legal fees if they breached these terms. Additionally, Unilever provided Jerry Greenfield $5 million to launch a venture capital fund aimed at supporting low-income entrepreneurs.
Personal Life and Continued Activism
During the 1980s, Greenfield briefly left Ben & Jerry’s to accompany his then-girlfriend Elizabeth Skarie to Arizona while she pursued a Ph.D. Returning to Vermont in 1985, he took on the role of Director of Mobile Promotions at the company. Jerry and Elizabeth married in 1987 and welcomed their son Tyrone in 1988.
Jerry Greenfield and Ben Cohen are renowned for their unwavering commitment to philanthropy and activism, which has greatly influenced their business practices. The Ben & Jerry’s Foundation actively supports a variety of organizations dedicated to social justice and community empowerment. Among these are The Street Vendor Project, which advocates for the rights of street vendors, Denver Homeless Out Loud, which works to uplift the homeless community in Denver, RISE St. James, focused on environmental justice in Louisiana, and the Anti-Displacement Project, which seeks to prevent the displacement of low-income residents. Through these efforts, Greenfield and Cohen demonstrate that businesses can play a vital role in addressing pressing societal issues.
Jerry Greenfield (Image via Getty)
In 2016, both founders were arrested during a Democracy Awakening protest in Washington, D.C. Ben & Jerry’s publicly supported their actions, emphasizing the importance of direct activism in effecting change. The company highlighted historic movements, from the March on Washington to sit-ins and environmental protests, underlining the founders’ willingness to physically stand up for causes they believe in.
Recent Advocacy and Political Stances
In July 2021, Greenfield and Cohen publicly supported a boycott of their ice cream sales in Israeli settlements located in the occupied West Bank territories. They penned an op-ed for The New York Times clarifying that, while they no longer have operational control, they stand behind the company’s stance as aligning with what they see as the “right side of history.” This commitment reflects their ongoing engagement with global social justice issues, consistent with the values embedded in their brand from its inception.
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