Nestle chair to step down early
By Abigail Townsend
Date: Wednesday 17 Sep 2025
(Sharecast News) - The veteran chair of Nestle is to step down earlier than planned, just weeks after chief executive Laurent Freixe was sacked.
In a brief announcement on Tuesday evening, the Swiss food and drinks giant said Paul Bulcke - who was due to retire in April 2026 - would be replaced by Pablo Isla on 1 October.
An independent director since 2018, the former chief executive of Spanish retailer Inditex had already been named chair designate.
Freixe was replaced by the former head of Nestle's Nespresso unit, Philipp Navratil, earlier this month, after he failed to disclose a romantic relationship with a subordinate.
Confirming his departure, at the time Bulcke said: "This was a necessary decision. Nestle's values and governance are strong foundations of our company."
However, according to press reports, Friexe's ousting heightened concerns about governance at the Kit Kat maker among some shareholders.
Freixe, who had been with Nestle for nearly 40 years, had been chief executive for less than a year, having only replaced long-term head Mark Schneider last August.
Schneider was ousted following a period of poor performance.
Bulcke said: "I have full trust in Nestle's new leadership.
"This is the right moment for me to step aside and accelerate the planned transition, allowing Pablo and Philipp to advance Nestle's strategy and guide the company with a fresh perspective."
Isla said Buckle had been named as honorary chair and thanked him for both his leadership and "unwavering dedication" to the company.
Bulcke, 71, has been with Nestle for 46 years, including eight as chief executive and another eight as chair. Freixe took over as chief executive from Bulcke in 2017.
Nestle's Zurich-listed shares were down 1% as at 1130 BST.
Kepler Cheuvreux, which has a 'buy' rating on the stock, said: "We expect the foundations of the company's reboot strategy to remain in place in terms of a cost-saving programme, with proceeds used to fuel top line growth amid increased research and development, and advertising and promotion.
"However, we suspect the company could be more open to exiting structurally slower growing businesses.
"While the change at the top increases uncertainty, we expect the market to react positively, given recent criticism."
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