Ernst Tanner Lindt Crisis: Prices Too High, CEO Out

Lindt & Sprüngli chairman Ernst Tanner has broken his silence on the worst crisis of his 33 years at the Swiss chocolate maker, admitting the company raised its prices too far and lost customers in its second-biggest market. The Ernst Tanner Lindt interview, published by the NZZ am Sonntag on 24 October 2026, came days after chief executive Adalbert Lechner was dismissed and Lindt issued its second profit warning of the year.

“It hurts me to see our products on sale,” Tanner said, but he conceded that discounts are now unavoidable while Lindt works to win shoppers back. It is a striking admission from a chairman who joined Lindt in 1993 and has steered the company through three decades of growth.

Ernst Tanner Lindt: The Price Rises That Backfired

The trouble began with the cocoa price. As cocoa costs soared, Lindt passed the increases on to shoppers, and Tanner now says the company misjudged how far customers would go along with it. Market tests had suggested shoppers would pay EUR 12.95 instead of EUR 9.95 for a pack of Lindor balls. In practice, they did not.

In Swiss shops, the effect was plain to see. Blick reported a Grandes bar selling for CHF 6.90, discount stickers on about every third bar and Lindt shelves poorly stocked as customers switched to cheaper brands. Tanner said the problems were essentially limited to Germany, Lindt’s second-most important market, but Germany is large enough that the damage has dragged down the whole group.

Lindt now expects only 0–2% sales growth in 2026 after issuing two profit warnings this year. The share has lost about 25% since the start of the year, according to Blick, while 20 Minuten reported a fall of roughly 40% since February. Tanner said his own Lindt shareholding had fallen by an estimated CHF 165 million.

Ernst Tanner Lindt Leadership Shake-Up

The crisis has already cost two senior jobs. Lechner, 65, was dismissed abruptly after 33 years with the company, even though he would have retired in about 12 months. Dieter Weisskopf, 71, a former Lindt chief executive, has taken over on an interim basis while the company also searches externally for a permanent successor.

The Germany chief, Michal Spiller, also had to leave after 23 years. Blick reported that Weisskopf was the driving force behind the change, which Tanner was said to have initially opposed. Tanner, 80, said he saw no reason to resign as chairman in the middle of the crisis and blamed local management in Germany for the problems there.

Any challenge to Tanner would face a steep obstacle. Blick noted that Tanner chairs two personnel foundations which, according to the annual report, hold 15.43% of the votes in the company.

What Happens Next for Lindt

Under the Ernst Tanner Lindt recovery plan, the company will become permanently cheaper once the cocoa price settles at a normal level, and prices have already partly been cut, helped by falling cocoa costs. For now, discounts are the tool to bring customers back in Switzerland and Germany.

He rejected the idea of a group-wide crisis. In America and the Far East, Lindt still expects stable growth of 6–8% in 2026, and he ruled out a group-wide job-cut programme. Savings are still being made, including cancelling the Christmas dinner for staff in Switzerland as a signal to save.

Blick also pointed to deeper problems than price alone: too little product innovation, a long hot summer, and nutrition trends towards vegan and less sweet products, alongside an ageing management and board.

What It Means for Investors

For Lindt Shareholders

The next test is whether discounts can restore volumes without destroying the premium pricing that has long defined the brand. Investors will watch the 2026 sales figures and the choice of permanent chief executive for signs that the reset is working. Follow the Lindt & Sprüngli share price on Meyka for the latest quote, and compare it with other Swiss names on the Swiss stock screener.

For the Wider Swiss Market

Lindt’s troubles are a reminder that even the strongest consumer brands have a price limit. Swiss investors tracking the fallout can check the Swiss earnings calendar and the most active Swiss stocks to see how the market is reacting.

Tanner intends to stay as chairman until Lindt is back on course. Whether the discounts work, and how quickly, will decide how long that takes.

This article is for informational purposes only and does not constitute financial advice.