Nestlé said Chairman Paul Bulcke will step down Oct. 1, the latest shakeup at the food giant following the abrupt firing of the company’s CEO earlier this month.
Bulcke, who has been chairman since 2017, was planning to leave next April. The Digiorno and Lean Cuisine maker said Vice Chair Pablo Isla will assume the chairman post after Bulcke's decision to leave the board earlier than planned.
Bulcke has faced pressure from investors who blame him for poor performance, questionable decision-making and instability at the company, the Financial Times reported last week.
“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,” Bulcke said in a statement.
The change comes two weeks after Nestlé ousted CEO Laurent Freixe for an undisclosed romantic relationship with a direct subordinate. The Switzerland-based food and beverage giant appointed Philipp Navratil, the head of its Nespresso coffee brand, to replace Freixe as chief executive.
Navratil’s appointment marks the third CEO at the Switzerland-based food giant in a little more than a year. Freixe was named to the position in August 2024 to replace Mark Schneider as Nestlé looked to boost growth, sharpen its portfolio and make fewer, bigger bets that had the greatest potential for success.
Once a steady growth company, Nestlé has experienced sluggish sales in recent years due to internal missteps and a pullback in consumer spending due to inflation. Shares in the world’s largest food company have fallen 35% since the beginning of 2022.
