Nestlé is going to hold its 150th Annual General Meeting on 6 April 2017. As per the company’s Articles of Association, Peter Brabeck-Letmathe, the present Chairman of the Board of Directors-Nestle, cannot stand for the coming election.
Brabeck-Letmathe has been with the company for 50 years, of which 14 years on the Executive Board, 11 years as CEO and 12 years as Chairman. He will also have reached the upper age limit of retirement and will resign all his Board functions.
The Board of Directors shall suggest Paul Bulcke (Nestlé’s current CEO), for election as Chairman at the next Annual General Meeting of the company. In order to prepare for this future role as active, non-executive Chairman and abide by the rule of maintaining a minimum cooling-off period, Bulcke will quit from his present position as CEO in December 2016. Bulcke was appointed CEO and member of the Board of Directors on 10 April 2008 and, under his successful leadership at the helm of the company for over 8 years, Nestlé has experienced industry-outperforming development and made further progress in its journey to become the leading Nutrition, Health and Wellness company. Paul Bulcke’s later years as CEO was very challenging though. It was a tough time for him because of the ‘Maggi noodles’ controversy in India. Till the time the Indian court gave green signal to the brand, the brand had faced massive loss in its reputation.
“I thank the Board for their confidence in proposing me as Chairman and I’m looking forward to working with Ulf Mark Schneider for Nestlé’s continued success. Ulf Mark Schneider brings to Nestlé a wealth of proven and seasoned professionalpok skills which will blend very well with Nestlé’s experienced management and company culture,” opined Paul Bulcke
The Board further reconfirmed the long-term orientation for Nestlé as a Nutrition, Health and Wellness company and expressed the intention of fully integrating both Nestlé Health Science S.A. and Nestlé Skin Health S.A. into the Nestlé organization reporting directly to the CEO of Nestlé S.A. from January 2017.
The Board has collectively decided to appoint Ulf Mark Schneider as the new CEO of Nestlé S.A., and propose him for election to the Board of Directors at the next Annual General Meeting.Ulf Mark Schneider, 50 years old and a German and U.S. citizen, 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.
“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.
“I am honored and excited to have the opportunity to join Nestlé. This is a truly iconic global company with a proud heritage and tremendous future prospects. With consumers around the world taking a deeper interest in their personal health and wellbeing, Nestlé’s industry-leading global food and beverage business positions it well for advancing the vision of Nutrition, Health and Wellness,” stated Mark Schneider.