Nestle announces new chairman and CEO succession plans

Nestle has named its next chief executive officer (CEO) and chairman after confirming that current chair Peter Brabeck-Letmathe will not stand for re-election.

At the 150th annual general meeting (AGM) of Nestle in April 2017, Mr Brabeck-Letmathe will step down, having reached the company's mandatory age of retirement. He has been with Nestle for 50 years, spending 14 years on the executive board, 11 years as CEO and 12 years as chairman.

Paul Bulcke, the firm's current CEO, has therefore been proposed for election as chairman at the 2017 AGM. Ahead of becoming an active, non-executive chairman, he will resign from his present position as CEO at the end of this year.

As such, the board has unanimously decided to appoint Ulf Mark Schneider as the new CEO of Nestle starting on January 1st 2017. He will also be proposed for election to the board at next year's AGM.

The new boss has served as CEO of Fresenius since 2003 and will join Nestle on September 1st 2016 for an introductory period.

Mr Brabeck-Letmathe said: "Together with our excellent executive team, Nestle is well prepared to face the increasingly difficult external environment and deliver on both its long-term and short-term performance goals."