Swiss food concern Nestlé is working on Peter Brabeck’s succession as the current chairman will retire next year. Current CEO Paul Bulcke is one of several possible candidates to succeed him, according to Brabeck.
Internal promotion for 61-year old Belgian?
Peter Brabeck-Letmathe has been Nestlé’s chairman of the board since 2005, but the Austrian will be 72 years old next year, an age with forced retirement. Brabecks’ successor will be announced before the end of the year in any case.
There is a chance that Brabeck will move way for Paul Bulcke, the 61-year old Belgian who has been Nestlé CEO for the past 9 years. The Swiss food company, 150 years old this year, usually promotes internally and chairman Brabeck already confirmed Bulcke is one of the possible candidates for his position. It would be the continuation of a 40-year old tradition, as the past 4 CEO’s also moved into the chairman position. Brabeck was CEO from June 1997 until April 2005.
If this comes to pass, Paul Bulcke will also need a successor: Laurent Freixe, CEO for Nestlé’s American region since October 2014, and Wan Ling Martello, Nestlé’s former CFO and its current CEO for the Asia-Oceania-Africa region, are two possible candidates.
Nevertheless, analysts think Nestlé could actually end up choosing an outsider: the group has missed its own growth forecast for the third straight year and a shot of new blood may prove to be a breath of fresh air.
