VEVEY (dpa-AFX) - Swiss nutrition, health and wellness giant Nestle SA (NSRGY, NSTR.L) Wednesday said its Board of Directors has decided to reorganize infant nutrition business. Effective January 1, 2018, infant nutrition will move from the globally-managed Nestlé Nutrition to a regionally-managed business. The change does not apply to other Nestlé businesses.
The company also announced changes to its Executive Board.
The Nestlé Board of Directors has appointed Stefan Palzer as Executive Vice President and Chief Technology Officer, effective January 1, 2018. Palzer succeeds Stefan Catsicas, who has decided to pursue entrepreneurial and venture capital activities outside of Nestlé. He will leave Nestlé effective December 31, 2017, but will continue in an advisory role in science and technology areas in the coming years.
Palzer is currently Head of the Nestlé Research Centere.
Further, Heiko Schipper, Deputy Executive Vice President in charge of Nestlé Nutrition, has decided to pursue other interests outside of Nestlé. He will leave the company effective December 31, 2017.
Schipper's position on the company's Executive Board will not be replaced, following the change in the organization of the infant nutrition business.
The company expects the new organization will allow Nestlé's infant nutrition business to deliver accelerated organic growth and realize further efficiency gains.
The company will create a Strategic Business Unit or SBU to retain the strengths of nutrition strategy. The SBU will manage core global functions including science-based innovation, quality management, compliance, and global manufacturing capacity.
A Nutrition Business Head will be appointed for each of Nestlé's three zones, to implement the global strategy in local markets. The Nutrition Business Heads will have operational and financial responsibility, reporting to the respective Zone CEO.
Copyright RTT News/dpa-AFX