Nestlé's chairman will relinquish his position following the abrupt termination of the CEO.
In a surprising turn of events, Nestlé's long-serving chairman, Paul Bulcke, has announced his early departure from the company. Bulcke, a Nestlé veteran of over 45 years, has been at the helm of the group since 2008, first as CEO between 2008 and 2016, and then as chairman.
Bulcke's decision to step down earlier than planned comes in the wake of shareholder criticism over his handling of a scandal involving Nestlé's CEO. Laurent Freixe, the former CEO, was dismissed earlier this month following an investigation that found he had failed to disclose a romantic relationship with a direct subordinate, breaching the company's code of conduct.
Pablo Isla, Nestlé's current vice chairman of the board, will replace Bulcke on 1 October. Isla, who was originally scheduled to take over the role in October, will step into the position earlier than planned to accelerate the transition.
The firm's board, including both Bulcke and Isla, ordered and oversaw the probe that led to Freixe's dismissal. Bulcke has denied that he sought to defend and shield Freixe during the early stages of the investigation.
Nestlé's CEO, Mark Schneider, resigned last August after eight years in the role. With Bulcke's departure, Nestlé has now had three CEOs in the space of just over a year.
Philipp Navratil, the former head of Nestlé's Nespresso business, replaced Freixe as CEO. Bulcke has expressed his full trust in Nestle's new leadership, stating that he believes Nestlé is well positioned for the future and that this is the right moment for him to step aside.
Bulcke's statement suggests that he is allowing Pablo and Philipp to step up and advance Nestlé's strategy and guide the company with a fresh perspective. Despite the recent scandal, Bulcke remains optimistic about Nestlé's future, expressing confidence in the company's ability to overcome challenges and continue its success.
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