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Nestle Taps New CEO with Health Care Industry Background

Nestle Taps New CEO with Health Care Industry Background

Tuesday, 28 June 2016 09:21 AM

GENEVA (AP) — Nestle has selected health care industry executive Ulf Mark Schneider as its new CEO, as the Swiss food and drinks giant seeks to evolve into a nutrition, health and wellness company.

The company announced in a statement late Monday that Schneider, a 50-year-old German and American dual national, will take over starting Jan. 1 from current CEO Paul Bulcke.

Bulcke is taking over as non-executive chairman from Peter Brabeck-Letmathe, who is retiring after 50 years with Nestle.

Brabeck-Letmathe noted the transition amid an "increasingly difficult external environment" for Nestle, which reported a 37 percent drop in net profit last year due to a stronger Swiss franc and one-time items linked to deal-making. It has also been beset by recent product recalls.

Schneider has headed health care giant Fresenius Group since 2003.

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Nestle has selected health care industry executive Ulf Mark Schneider as its new CEO, as the Swiss food and drinks giant seeks to evolve into a nutrition, health and wellness company.The company announced in a statement late Monday that Schneider, a 50-year-old German and...
EU,Switzerland,Nestle,New,CEO
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2016-21-28
Tuesday, 28 June 2016 09:21 AM
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