Nestlé chair Paul Bulcke is to step down in 2026 with vice chair Pablo Isla lined up to be promoted to the role.
The Milo drinks maker said in a statement Bulcke will relinquish his board roles at the conclusion of the company’s next annual general meeting on 16 April 2026 to allow for a "smooth transition and an orderly handover".
Bulcke’s decision comes after almost five decades with Nestlé, including nine years as chairman, 14 years on the executive board, and almost nine years as CEO, according to the statement.
“It has been a true privilege and a pleasure to be part of Nestlé's journey over so many years,” Bulcke said. “It is the right moment for me to dedicate more time to my family and to embrace my many other interests.”
Bulcke was replaced by Mark Schneider as CEO in early 2017. Laurent Freixe, who was Nestlé’s executive vice president and CEO of the Latin America business, then took the helm from Schneider in September last year.
"I am confident that with Pablo Isla, Laurent Freixe, as well as a strong executive team and board of directors, the company is in trusted hands and will continue its promising growth and value-creation journey," Bulcke said in the statement.
The Switzerland-based food and drinks major said its board plans to put forward Isla for election as chairman at the 2026 AGM. He joined Nestlé’s board of directors in 2018 and since 2024 has held the roles of vice chairman and lead independent director.
In his former career, Isla was the CEO of clothing company Inditex, the parent of Zara, from 2005 to 2011, and added the chairman role to his CEO duties from 2011 to 2022.
Isla said: “I am enthusiastic about taking on this new role, as I fully identify with Nestlé's nutrition, health and wellness strategy and its 'creating shared value approach' to business.”
Bulcke's career at Nestlé began in 1979 and he was appointed to the executive board in 2004, overseeing Zone Americas. He became a board member in 2008 and was CEO from 2008 to 2016, taking on the role of chairman in April 2017.
Nestlé said that together with Freixe, the incoming leadership team is “well equipped” to maintain the company’s position in nutrition, health and wellness.
