Nestlé President Bulcke assumes leadership role ahead of schedule
Nestlé Announces Change in Leadership: Pablo Isla to Succeed Paul Bulcke
After nearly two decades at the helm, Paul Bulcke, CEO of Nestlé, has announced his intention to step down from his position. The news comes amidst concerns from shareholders about the slow growth and sluggish transformation of the water business at Nestlé, as well as the loss of value in the company's stock since the beginning of 2022.
Bulcke, who joined Nestlé in 1979 and has been with the company for almost half a century, will be required to leave his position by the 2027 General Assembly due to reaching the age limit of 72. His departure follows the separation from CEO Laurent Freixe, who left the company due to a hidden affair with a direct subordinate. The waning support of major shareholders is likely to have played a role in Bulcke's decision to step down.
In a statement, Pablo Isla, the new CEO-elect, thanked Bulcke for his leadership and tireless commitment to Nestlé. Isla, a veteran of the fashion industry, previously led Inditex from 2005 to 2022 and is responsible for brands like Zara, Bershka, and Massimo Dutti. He will take over as CEO of Nestlé in early October.
Isla's appointment is viewed as a signal for a strategic new beginning at Nestlé. The vice-presidency at Nestlé will be newly composed from the board of directors, with Dick Boer and Marie-Gabrielle Ineichen-Fleisch taking on the roles, effective October 1, 2025. Boer, a former CEO of Ahold Delhaize, will serve as the deputy chairman (vice president) and Lead Independent Director. Ineichen-Fleisch, who had led the Seco until July 2022, will join Boer in the vice-presidency.
Bulcke will be appointed honorary president at Nestlé, a role that recognises his long service and significant contributions to the company. His departure comes after criticism for lacking tact in personnel decisions, with Bulcke having been criticised in the past. However, his leadership has been marked by a commitment to the company, spanning nearly five decades.
Pablo Isla's appointment at Nestlé is seen as a break with the company's tradition of promoting managers from within. The new CEO brings fresh perspectives and a track record of success in the fashion industry, which Nestlé hopes will help drive growth and transformation in the company. As the world continues to change, Nestlé is looking to the future with renewed energy and a new leader at the helm.
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