Nestlé announced a leadership transition with Pablo Isla assuming the chairman role on October 1, as Paul Bulcke steps down from the board ahead of his planned departure.
The decision comes just two weeks after Laurent Freixe was abruptly fired as CEO over an undisclosed relationship. According to Reuters, the transition enables incoming CEO Philipp Navratil and Isla to assume complete control of the company that has faced challenges with slowing revenue growth and mounting debt.
"I have full trust in Nestlé's new leadership and firmly believe this great company is well positioned for the future," said Bulcke. "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, vice chairman and chairman elect, extended his gratitude to Bulcke for his leadership and dedication to Nestlé. "Paul's wisdom and commitment have shaped the company and laid the groundwork for our next chapter," Isla said. "In recognition of his longstanding and dedicated service, we have named Paul as honorary chairman."
The board also appointed Dick Boer as lead independent director and vice chairman effective October 1. Marie-Gabrielle Ineichen-Fleisch will serve as vice chair of the board of directors.
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