瑞士巧克力制造商 Lindt & Spruengli (LISN.S) 的有影响力投资者正呼吁对这家 Lindor 松露巧克力制造商的董事会进行彻底变革，此前定价失误重创股价，并导致其首席执行官上月被解职。
Influential investors in Swiss chocolate maker Lindt & Spruengli (LISN.S) are calling for sweeping boardroom changes at the maker of Lindor truffles after pricing missteps hammered the share price and led to the ousting of its CEO last month.
包括三位前 20 大股东在内的五位主要投资者接受采访时提出的批评，增加了 Lindt 在寻找新任首席执行官时面临的压力。因业绩展望下调和欧洲市场表现疲软，其股价今年以来下跌约四分之一。
The criticism, based on interviews with five major investors including three top-20 shareholders, adds to pressure on Lindt as it searches for a new CEO. Its shares are down about a quarter this year after outlook cuts and weak performance in Europe.
在 Lindt 因今年两次发布销售预警而解职首席执行官 Adalbert Lechner 后，这些股东表示希望董事会焕新，并限制 80 岁的董事长 Ernst Tanner 的权力。Tanner 已担任董事长 32 年，自 2016 年起兼任执行董事长。
After Lindt ousted CEO Adalbert Lechner following two sales warnings this year, the shareholders said they wanted the board refreshed and the powers of Chairman Ernst Tanner, 80, curbed. Tanner has been chairman for 32 years, and executive chairman since 2016.
“更新换代不能止步于执行管理层，董事会也应当进行更新，”Lindt 投资者 Deka 的 Ingo Speich 表示，并称这家瑞士公司面临结构性挑战，需要“新思维”。“目前的权力集中必须废除，”Speich 补充道。
"Renewal cannot stop at the executive management. It should also happen on the board," said Ingo Speich of Lindt investor Deka, adding that the Swiss firm faced structural challenges that required "new thinking". "The current concentration of power must be abolished," added Speich.
在路透社采访的五位投资者中，仅有一位大股东支持公司现有董事会。路透社联系的其他六位主要股东拒绝置评。
Of the five investors Reuters spoke to, only one large shareholder backed the company's current board. Six other major shareholders contacted by Reuters declined to comment.
这些言论标志着自 Lechner 上月被解职以来，Lindt 董事会首次遭遇重大谴责。Tanner 此前曾面临反对，近年来在股东大会上已有部分股东投反对票否决其连任。
The comments mark the first major rebuke of Lindt's board since Lechner's ouster last month. Tanner has faced opposition before, with some shareholders voting against his reelection at annual meetings in recent years.
Lindt 表示，董事会已启动新任首席执行官的搜寻工作，预计将于 2027 年第二季度任命继任者。Lechner 无法联系置评。Tanner 拒绝置评。
Lindt said the board had launched the search for a new CEO and expected to appoint a successor in the second quarter of 2027. Lechner could not be reached for comment. Tanner declined to comment.
“董事会也会定期审查董事会构成，”Lindt 发言人表示，“继任者规划是其固定工作的一部分。” 今年 Lindt 因应可可成本飙升而提价，导致销量受挫，消费者紧缩开支，公司由此陷入困境。
"The board also reviews the board composition regularly," a Lindt spokesperson said. "Succession planning is a fixed part of its work." Lindt ran into difficulties this year after raising prices in response to soaring cocoa costs, hitting sales volumes as consumers tightened their belts.
坦纳上月承认，在2025年将价格上调19%、2026年上半年再涨12%后，莲德误判了消费者的支付意愿。
Tanner acknowledged last month that Lindt had misjudged consumers' willingness to pay after hiking prices by 19% in 2025 and a further 12% in the first half of 2026.
公司将有机增长预期下调至0%至2%之间，远低于10.9%的五年平均值。德国负责人米哈埃尔·施皮勒与莱希纳一同离职，前首席执行官迪特·魏斯科普夫回归担任临时首席执行官。施皮勒未能就此置评。
The company cut its organic growth forecast to between 0% and 2%, well below the 10.9% five-year average. Germany head Michal Spiller left alongside Lechner, with former CEO Dieter Weisskopf returning as interim CEO. Spiller could not be reached for comment.
瑞士领先的股东顾问机构Ethos的首席执行官文森特·考夫曼表示，莲德因监事会缺乏足够的制衡机制而受损。
Vincent Kaufmann, CEO of Ethos, Switzerland's leading shareholder advisory group, said Lindt suffered from a lack of adequate checks and balances on its supervisory board.
考夫曼说：“寻找新首席执行官是第一步……然而，仅更换首席执行官无法解决Ethos提出的治理问题，这些问题关乎董事会本身。”他补充称，根据Ethos的标准，董事会八名成员中仅有三名为独立董事，而公司养老基金在董事会中过度代表。
"The search for a new CEO is a first step ... However, a change of CEO alone will not resolve the governance issues Ethos has raised, which concern the board itself," Kaufmann said, adding that only three of the board's eight members were independent according to its criteria while company pension funds were overrepresented.
一位前二十大股东在要求匿名的情况下表示，董事会对定价失误负有共同责任，需要注入新鲜血液，并指出董事会八名成员中有六人年龄至少70岁，坦纳自1994年起担任主席。
One top-20 shareholder, speaking on condition of anonymity, said the board shared responsibility for the pricing missteps and needed new blood, noting that six of its eight members were at least 70 years old and that Tanner had served as chairman since 1994.
这位投资者说，莲德欠坦纳良多，但“过去30年世界已发生巨变”。
Lindt owed Tanner a great deal, the investor said, but "the world has changed greatly over the past 30 years".
坦纳表示不会辞职，称他的首要任务是让公司重回正轨。他地位稳固，个人持有公司2.3%的股份，而他担任主席的两只养老基金合计掌握逾15%的投票权。
Tanner has said he won't step down, saying his priority is to get the company back on track. He remains strongly placed, personally holding 2.3% of the company's shares, while two pension funds he chairs have more than 15% of the voting rights.
第二位前二十大投资者表示，他理解坦纳留任的原因，并为涨价辩护，称涨价是保护这家市值240亿美元公司利润率的关键。
A second top-20 investor said he understood why Tanner was staying and defended the price increases, which were key to protecting margins at the $24 billion company.
莲德重申其中长期目标，即实现每年6%至8%的销售增长，但投资者表示，达成这一目标可能颇具挑战。
Lindt reaffirmed its medium- to long-term goal of 6% to 8% annual sales growth, though investors say achieving it could prove challenging.
第三位前20大投资者表示，考虑到定价方面的挑战以及GLP-1减肥药的兴起可能会抑制巧克力消费，该公司要想迅速恢复以往的增长率可能很难。
A third top-20 investor said it could be difficult for the company to quickly recapture previous growth rates, with challenges around pricing and the rise of GLP-1 weight-loss drugs, which could curb chocolate consumption.