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Nestlé’s board proposed former Inditex chief Pablo Isla as the new chairman as the world’s largest food company announced that Paul Brucke would be pausing from his role next year.
The group behind Kit Kat and Nescafé said in a statement Wednesday that Bulcke would not support reelection at Nestlé’s annual meeting next year, knocking down the curtains on a company career dating back to 1979.
Before being promoted to CEO in 2008, Bulcke worked for Nestlé in the markets from Peru to Portugal, Germany and the United States. The Belgian became chairman of Switzerland in 2017.
The appointment of Isla, now Vice-Chair of Nestle, marks a break from heritage in the company. Typically, the CEO is moved to the role of the board chair.
He was the CEO of Spain’s Fast Fashion Giant Inditex from 2005 to 2011 and worked closely with billionaire founder Amancio Ortega.
Isla served as chairman, continuing as CEO for another 11 years since Ortega retreated. He is believed to have led the expansion of Rapid International and Online, which transformed Zara’s owner Inditex into the world’s largest fashion retailer with every sale. He joined Nestlé’s board of directors in 2018.
Sales at Inditex, which also includes Massimo Dutti, Pull & Bear and Bershka, rose from less than 6 billion euros in 2004 to nearly 28 billion euros in 2022 to nearly 28 billion euros in 17 years for Isla.
The transition completes a leadership overhaul at the top of Nestlé after former CEO Mark Schneider was banished after a slow period of growth and operational calamity last August.
Schneider, an appointment as an unusual outsider CEO of the Swiss Group, was replaced several weeks later by company veteran Laurent Frixe. Freixe aims to drive growth and regain investor trust by focusing on the company’s core categories.
“I appreciate the trust he has given me over the years and look forward to working with Pablo, the full board, the entire Nestle team, all of the stakeholders as we pursue our strategy,” Freaks said.
Isla said it was “fully” identified in Nestlé’s nutrition, health and wellness strategies.
“It was a real privilege, joy and a great opportunity to be part of Nestlé’s journey over the years, and it provided me with rich experience and responsibility,” says Bulcke.
Nestlé said Wednesday that the board proposed a Spanish executive ISLA for elections at AGM next year.
