Lindt misjudged consumer appetite for price hikes, admits chairman after CEO ouster

Lindt & Sprungli's executive chairman announced that the company misjudged customer reactions to recent price hikes. After increasing prices due to high cocoa costs, sales have reportedly declined in Germany. The company has since begun reducing prices to stimulate sales and plans to maintain growth in the Americas and the Far East. Ernst Tanner, the long-serving chairman, expressed confidence in the firm's future performance despite this setback.