VEVEY (dpa-AFX) - Nestle SA(NSRGY.PK, NSTR.L) said that its board decided to appoint Ulf Mark Schneider as the new Chief Executive Officer, starting on 1 January 2017, and propose him for election to the Board of Directors at the 2017 Annual General Meeting. Schneider will join Nestlé on 1 September 2016 for an introductory period.
Ulf Mark Schneider, 50 years old and a German and U.S. citizen, has been CEO of Fresenius Group since 2003.
Nestle said that at the 150th Annual General Meeting of the company on 6 April 2017, Peter Brabeck-Letmathe, Chairman of the Board of Directors, will not stand for re-election in line with the company's Articles of Association.
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.
The Board of Directors has decided to propose Paul Bulcke, Nestlé's current CEO, for election as Chairman at the next Annual General Meeting on 6 April 2017.
Bulcke will resign from his present position as CEO on 31 December 2016, in order to prepare for this future role as active, non-executive Chairman and respect a minimum cooling-off period.
Paul Bulcke was appointed CEO and member of the Board of Directors on 10 April 2008.
The company's Board 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 1 January 2017.
Copyright RTT News/dpa-AFX