Nestlé chairman Paul Bulcke to step down earlier than planned
Nestlé chairman Paul Bulcke is stepping down earlier than planned, the Swiss food giant announced on Tuesday. The 70-year-old Belgian, who was due to serve until April 2026, faced sustained shareholder criticism due to Nestlé's declining share price and a recent scandal involving its CEO.
Bulcke had been under fire for some time because of the group's poor financial results. When Nestlé CEO Laurent Freixe resigned earlier this month over an inappropriate relationship with a subordinate, shareholders accused the chairman of reacting too slowly to the affair, which further dented confidence in the group’s leadership.
The decision marks the end of Bulcke's five-decade career at Nestlé. The West-Fleming joined the company in 1979 as a marketing trainee and went on to hold senior roles across South America and Europe, including managing director posts in Portugal and Germany.
From 2004 to 2008, Bulcke oversaw Nestlé’s operations in the Americas as the region's executive vice president. He then became CEO of the company, a position he held until 2016. In 2017, he became chairman of the board.
Honorary chairman
“It has been a true privilege and pleasure,” Bulcke said in a farewell statement. “This is the right moment for me to step aside and accelerate the planned transition.” The West-Fleming was named honorary chairman of the company.
Bulcke's successor will be Pablo Isla, 61, who has sat on Nestlé’s executive board since 2018. The Spaniard is best known for his leadership at fashion giant Inditex, parent company of Zara, where he served as CEO and later chairman between 2005 and 2022.
#FlandersNewsService | PHOTO © GABRIEL MONNET / AFP
Related news
