The Board of Directors of Nestlé S.A. has announced that Paul Bulcke will be leaving the business earlier than planned, with Pablo Isla set to become Chairman on 1 October.
The news follows the departure of two chief executives at the Swiss FMCG giant in just over a year.
Mark Schnedier left the role in 2024, with reports suggesting the decision was driven by weak sales growth and sluggish product development.
Laurent Freixe replaced Schnedier in August 2024 but was recently dismissed after an investigation into an ‘undisclosed romantic relationship with a direct subordinate’. Philipp Navratil was appointed as the new CEO in Freixe’s place.
According to the Financial Times, the senior shuffle promoted Nestlé investors to call for Bulcke to leave, with concerns expressed over instability and poor performance.
“It’s a matter of decency and respect,” one investor told the FT.
Commenting on his decision to leave, Bulcke said: “I have full trust in Nestlé’s new leadership and firmly believe this great company is well positioned for the future. This is the right moment for me to step aside and accelerate the planned transition, allowing Pablo and Philipp to advance Nestlé’s strategy and guide the company with a fresh perspective. I wish the entire Nestlé family every success in the future.”
Isla, who will take on Bulcke’s role from his current position as vice chairman, added: “On behalf of the Board of Directors, I want to express our heartfelt gratitude to Paul for his leadership and unwavering dedication to Nestlé. Paul’s wisdom and commitment have shaped the company and laid the groundwork for our next chapter. In recognition of his longstanding and dedicated service, we have named Paul as Honorary Chairman.”
Meanwhile, Dick Boer has been appointed lead independent director and vice chairman of the Board of Directors beginning October 1. In addition, Marie-Gabrielle Ineichen-Fleisch has been appointed vice chair of the Board of Directors.
