Nestlé hires new CEO

29 Jun 2016

Peter Brabeck-Letmathe, Chairman of the Board of Directors of Nestlé, is to step down in April 2017. Paul Bulcke, Nestlé’s current CEO, is expected to replace him, and Ulf Mark Schneider, who was previously CEO of Fresenius Group, will take Bulcke's role.

Nestlé hires new CEO

Having served the company for 50 years, and having reached retirement age, Peter Brabeck-Letmathe, Chairman of the Board of Directors of Nestlé, is to step down in April 2017. The company’s board is proposing that Paul Bulcke, Nestlé’s current CEO, should replace him.

As such, Bulcke will resign from his present position on 31 December 2016.His replacement will be Ulf Mark Schneider, who was previously CEO of Fresenius Group.

Nestlé notes that Fresenius, which offers products and services for dialysis, hospitals and outpatient treatments, has prospered strongly under the leadership of Schneider over the past 13 years. Today, with over 220,000 employees in more than 100 countries and annual sales €28 billion, Fresenius is said to be one of the world’s leading diversified healthcare companies.

In order to ensure a smooth hand-over phase, Schneider will join Nestlé on 1 September 2016 for an introductory period.

“With the proposed appointment of Paul Bulcke as Chairman of the Board and Ulf Mark Schneider as CEO, the Board has increased the company’s capabilities to accelerate Nestlé’s journey to become the world’s preeminent player in the Nutrition, Health and Wellness sector,” said Brabeck-Letmathe:. “Together with our excellent executive team, Nestlé is well prepared to face the increasingly difficult external environment and deliver on both its long-term and short-term performance goals.”