SWITZ: Nestle names new CEO

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Nestlé said today (20 September) it wants to appoint the head of its Americas business as CEO.

The board of the Swiss food giant has nominated Paul Bulcke to replace Peter Brabeck-Letmathe as chief executive.

Under the plans, Bulcke will take the job on 10 April next year, while Brabeck-Letmathe will continue as a non-executive chairman. Bulcke's successor will be unveiled on 18 October.

Brabeck-Letmathe said the Nestlé board had chosen "a strong and pragmatic business leader" to replace him. "Paul Bulcke has a proven performance record both in developing as well as in industrialized markets in Latin America and in Europe."

There had been wide speculation that Nestlé CFO Paul Polman would take the CEO job but the company opted to choose an executive who contributed to turning the Americas into its most profitable market.

Sectors: Soft drinks, Water

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