Nestlé S.A. has decided to propose Paul Bulcke, Nestlé’s current CEO, for election as chairman at the next annual general meeting on April 6, 2017.
Nestlé: Ulf Mark Schneider to succeed Paul Bulcke as CEOStaff writer | Vevey, Switzerland | Tuesday June 28, 2016 9:57AM ET
READ MOREIn order to prepare for this future role as active, non-executive Chairman and respect a minimum cooling-off period, Mr. Bulcke will resign from his present position as CEO on 31 December 2016.
Mr. Bulcke was appointed CEO and member of the Board of Directors on 10 April 2008.
The Board unanimously decided to appoint Ulf Mark Schneider as the new CEO of Nestlé S.A., starting on 1 January 2017, and propose him for election to the Board of Directors at the 2017 Annual General Meeting.
Mr. Schneider has been CEO of Fresenius Group since 2003. He is a graduate of the University of St. Gallen with both a graduate and a doctoral degree, and also holds a Harvard Business School MBA.
In order to ensure a smooth hand-over phase, Mr. Schneider will join Nestlé on 1 September 2016 for an introductory period.
Peter Brabeck-Letmathe, chairman of the board of directors, will not stand for re-election in line with the company’s articles of association.
Mr. Brabeck-Letmathe, having served Nestlé for 50 years, of which 14 years on the Executive Board, 11 years as CEO and 12 years as Chairman, will have reached the mandatory age of retirement and will relinquish all his Board functions. ■