Nestle poaches CEO from Fresenius in health and wellness drive

(FILES) This file photo taken on October 9, 2014 shows the logo of the world's leading food industry group Nestle is seen at the group's Research Center in Vers-chez-les-Blanc, Switzerland. Nestle announced on June 20, 2016 it will reintroduce Cuban coffee to the US for the first time in more than 50 years following the easing of United States sanctions on Cuba. The Swiss food giant plans to sell Cuban coffee under its individual-capsule Nespresso brand, initially as a limited edition, starting in several months. / AFP PHOTO / FABRICE COFFRINI

ZURICH: Swiss food giant Nestle SA named Ulf Mark Schneider as its next chief executive on Monday, underlining its shift towards health and wellness by poaching the boss of German healthcare group Fresenius.

Schneider will replace Nestle’s long-standing CEO Paul Bulcke, whom the board has proposed as chairman when 71-year-old Peter Brabeck-Letmathe reaches mandatory retirement age next year.

“This is a truly iconic global company with a proud heritage and tremendous future prospects,” Schneider, 50, said in a statement.

The board appointed Schneider with the long-term orientation of the company in nutrition, health and wellness and full the integration of its health science and skin health divisions in mind, Nestle said.

Both divisions will report directly to the CEO from Jan 1.

On Sunday, Fresenius said group sales had increased fourfold and net income had risen more than twelvefold during Schneider’s 13 years at its helm.

Schneider will assume the role of chief executive at Nestle at the start of 2017 after an introductory period with the company beginning in September.

Bulcke, who has led the company since 2008, will resign at the end of 2016 to respect a mandatory cooling-off period before standing for election as chairman at Nestle’s annual general meeting on April 6, 2017. - Reuters