Summary
- Pablo Isla, currently vice chairman of Nestle's board, is set to take over as board chairman next year, bringing his experience from leading Zara-owner Inditex.
- Nestle made a surprise switch of its chief executive last year due to soft consumer spending, leading to a slump in the company's share price.
- The company's current chief executive, Laurent Freixe, is focused on boosting growth across Nestle's wide range of products, from frozen foods to health care nutrition.
More change is in store for Swiss food giant Nestle as Pablo Isla was put forward Tuesday to take over next year the board of the company that makes Nescafe coffee, KitKat chocolate and Purina dog food.
Isla, currently vice chairman of the board, led Zara-owner Inditex from 2005 to 2022 and has served on Nestle's board since 2018.
Nestlé Shares Slumped Nearly 25% Last Year
The company made a surprise switch of its chief executive least year amid soft spending by consumers for food and household goods.
Nestle's share price slumped by nearly a quarter last year, raising concerns in Switzerland as pensions funds invest heavily in the company, whose myriad products also include Maggi bouillon cubes, Gerber baby food and Nesquik chocolate-flavoured drink.
"I am enthusiastic about taking on this new role," Isla said in a statement, adding he looks forward to working with chief executive Laurent Freixe.
A company veteran who headed the Latin America division before his promotion, Freixe has made it a priority to boost growth at a company whose products range from frozen foods to sweets to health care nutrition.
Isla will replace Paul Bulcke, who served nine years as Nestle's CEO and nine as board chairman.
Bulcke joined Nestlé in 1979 and was appointed to the Executive Board in 2004, responsible for Zone Americas. He was elected member of the Board of Directors in 2008 and served as the company's CEO from 2008 to 2016 and as chairman of the Board since April 2017.
Bulcke Reflects on His Legacy at Nestlé
Bulcke will continue to serve as chairman until Nestle's next annual general meeting in April 2026, where shareholders will be asked to confirm Isla as board chairman.
"It has been a true privilege and a pleasure to be part of Nestlé's journey over so many years, providing me with enriching experiences and responsibilities, ultimately as chair of the Board of Directors," Bulcke said.
"I am confident that with Pablo Isla, Laurent Freixe as well as a strong Executive Team and Board of Directors, the company is in trusted hands and will continue its promising growth and value creation journey. It is the right moment for me to dedicate more time to my family and to embrace my many other interests."
