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Nestlé chairman resigns two weeks after CEO’s sudden dismissal
Nestlé announced that Chairman Paul Bulcke will step down on Oct. 1, accelerating a planned departure amid ongoing leadership changes following the sudden firing of the company’s CEO earlier this month. Bulcke, who has served as chairman since 2017, had originally planned to leave next April. Vice Chair Pablo Isla will take over the chairman role after Bulcke’s early exit.
The move comes as Bulcke faced pressure from investors critical of the company’s performance and decision-making, according to reports. “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 decision follows the abrupt ouster of CEO Laurent Freixe over an undisclosed relationship with a subordinate. Nestlé appointed Philipp Navratil, head of its Nespresso brand, as CEO, marking the third chief executive in just over a year. The company has struggled with sluggish sales and falling shares, down 35% since early 2022, amid internal missteps and inflation-driven consumer pullbacks.
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