Nestlé S.A. announced on Tuesday (September 16) that its Chairman, Paul Bulcke, will step down from the Board earlier than scheduled, with Vice Chairman Pablo Isla set to take over as Chairman effective October 1. Bulcke, who has been Chairman since April 2017, said he had “full trust in Nestlé’s new leadership” and that the time was right to accelerate the planned transition.
In recognition of his long service, the company said Bulcke will be named Honorary Chairman after stepping down.
Board reshuffle
Isla, who thanked Bulcke for his “wisdom and commitment” in shaping the company’s future, will take charge alongside CEO Mark Schneider and CFO Philipp Navratil in advancing Nestlé’s strategy.
As part of the leadership changes, Dick Boer has been appointed Lead Independent Director and Vice Chairman of the Board, effective October 1. Marie-Gabrielle Ineichen-Fleisch has also been appointed Vice Chair of the Board of Directors.
Early transition
Bulcke leaves after more than four decades with Nestlé, including his tenure as CEO from 2008 to 2016, and as Chairman since 2017. The accelerated transition marks a new chapter for the world’s largest food and beverage company.