Nestlé shakes up leadership at Annual General Meeting
Nestlé has reshaped its leadership team at its Annual General Meeting, which was held in Lausanne on 6 April.
All proposals of the Board of Directors were approved with strong majorities. The shareholders elected the members of the Board of Directors individually, for a term of office until the end of the next Annual General Meeting.
After serving the company for almost 50 years, including 11 years as CEO and 12 years as Chairman, Peter Brabeck-Letmathe did not stand for re-election after reaching the mandatory retirement age. The Board of Directors thanked him warmly for his many years of service to Nestlé and appointed him as Chairman Emeritus. As such he will be available for advice upon request.
The Board of Directors thanked Paul Bulcke for his nine years of service as CEO of Nestlé. The shareholders elected Paul Bulcke as Chairman of the Board of Directors. They further elected Nestlé CEO Ulf Mark Schneider and Ursula M. Burns, Chairman of the Board of Xerox Corporation, as new members of the Board.
In his address to the meeting, Nestlé Chairman Peter Brabeck-Letmathe said: "At a time when we are seeing more and more consolidation and drastic cost cuts in our industry, it is important to reaffirm Nestlé’s drive to create value through growth. Growth that is sustainable and profitable. In order to be able to invest for growth, particularly through innovation and renovation, we will have to increase our operational efficiency to free up the resources we need.”
On his election as Chairman, Paul Bulcke said: “I would like to thank you for the trust you have put in me by electing me as Chairman, a great responsibility and even greater motivation. I will continue to put my experience and knowledge at the service of Nestlé, leading the Board and supporting Ulf Mark Schneider as he takes the company forward as CEO.”
After reviewing the Group’s 2016 results, Nestlé CEO Ulf Mark Schneider said: “Continuity and change. These two words describe the way forward for Nestlé. Continuity - building on the strong nutrition, health and wellness strategy of our company. Change - increasing our speed and simplifying the way we work.”
For the year to come, the Board will be composed as follows:
Paul Bulcke, Ulf Mark Schneider, Andreas Koopmann, Henri de Castries, Beat W. Hess, Renato Fassbind, Steven G. Hoch, Naïna Lal Kidwai, Jean-Pierre Roth, Ann M. Veneman, Eva Cheng, Ruth K. Oniang’o, Patrick Aebischer, Ursula M. Burns