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Nestle proposes new CEO

This article was originally published in The Tan Sheet

Executive Summary

Nestle's board of directors proposes Paul Bulcke, a member of Nestle's executive board and head of Zone Americas, take on the role of CEO at the firm's next annual board meeting April 10, 2008. Current CEO Peter Brabeck-Letmathe will serve as active, non-executive, chairman, Nestle said Sept. 20. The board cites the decision to separate the chairman and CEO positions, anticipating an increasing workload for the chairman's office, and the desire for management continuity by entrusting the CEO position to a younger person as reasons for appointing Bulcke. Bulcke's nomination took place under the leadership of the independent Compensation and Nomination Committee and was received unanimous approval by the board. Bulcke's successor at Zone Americas will be announced Oct. 18...

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