Following his election as chairman and chief executive officer of SAirGroup, Mario Corti has announced his resignation as chief financial officer at Nestle S.A.

Nestle is proposing to the board of directors that Wolfgang Reichenberger, head of the Japanese market for Nestle, be named executive vice president in charge of the finance and control division and chief financial officer of the Nestle Group.

Nestle said: "Mr Reichenberger has been working for Nestle since 1977. The combination of international management experience as well as financial know-how, acquired in a rapid career, creates the best conditions for his new task."