Nestlé chairman Paul Bulcke has left the Swiss consumer packaged goods group just weeks after the firing of CEO Laurent Freixe.
Bulcke was due to step down as chairman at the company AGM in April next year to be replaced by current vice chairman Pablo Isla, but will now leave the role early following shareholder concern over governance at Nestlé.
Investors had told The Financial Times last week that Bulcke’s handling of the Freixe scandal had given them concerns over the chairman’s decision making, with some calling for him to step aside immediately rather than waiting for the AGM.
Freixe’s departure earlier this month for failing to disclose a romantic relationship with a direct subordinate followed an investigation led by Bulcke and Isla, with support from outside counsel. An earlier probe by Nestlé into complaints about improper behaviour by Freixe found claims to be unsubstantiated.
Freixe was eventually sacked without severance pay or an exit package. Nespresso boss Philipp Navratil took charge of the group as new CEO with immediate effect.
He was the second CEO sacked by Bulcke at Nestlé in just more than a year, with Freixe appointed to the role after Mark Schneider was fired in August 2024 on the back of ongoing poor performance.
Bulcke joined Nestlé in 1979 and was appointed to the executive board in 2004, responsible for Zone Americas. He was elected member of the board of directors in 2008 and served as the company’s CEO from 2008 to 2016 and as chairman since April 2017.
“I have full trust in Nestlé’s new leadership and firmly believe this great company is well positioned for the future,” he said today.
“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. I wish the entire Nestlé family every success in the future.”
Isla, who was CEO of Spanish clothing company Inditex from 2005 to 2022, joined Nestlé’s board in 2018. He has served as vice chairman and lead independent director since 2024 and is a member of the company’s nomination, compensation, chairman’s and corporate governance committees.
“On behalf of the board of directors, I want to express our heartfelt gratitude to Paul for his leadership and unwavering dedication to Nestlé,” Isla added. “Paul’s wisdom and commitment have shaped the company and laid the groundwork for our next chapter. In recognition of his longstanding and dedicated service, we have named Paul as honorary chairman.”
Dick Boer has been appointed lead independent director and vice chairman of the board of directors beginning 1 October. In addition, Marie-Gabrielle Ineichen-Fleisch has been appointed vice chair.
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