Nestlé has appointed an outsider as chairman for the first time in the group’s history as Paul Bulcke has revealed he is to stand down from the role after almost 50 years of service.
Bulcke does not plan to stand for re-election at the company AGM on 16 April 2026 and will step down from the board following the meeting next year.
The board of directors proposed current vice chairman Pablo Isla to take over from Bulcke.
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.
Analysts at Jefferies highlighted he was the first non-Nestlé employee to be made chairman, signalling to the markets that the ‘old Nestlé way’ was not enough to evolve and future-proof the group.
Nestlé said that together with Laurent Freixe, who became CEO in September last year, the new team was “well equipped to continue Nestlé’s leadership in nutrition, health and wellness and to foster the company’s values and principles”.
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.
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“It has been a true privilege and a pleasure to be part of Nestlé’s journey over so many years, providing me with enriching experiences and responsibilities, ultimately as chair of the board of directors,” he said.
“I am confident that with Pablo Isla, Laurent Freixe as well as a strong executive team and board of directors, the company is in trusted hands and will continue its promising growth and value creation journey. It is the right moment for me to dedicate more time to my family and to embrace my many other interests.”
Isla added: “I thank the board for its confidence in proposing me as chairman and look forward to working with Laurent Freixe for Nestlé’s continued success. I am enthusiastic about taking on this new role, as I fully identify with Nestlé’s nutrition, health and wellness strategy and its ‘creating shared value’ approach to business.”
CEO Laurent Freixe said: “I am honoured and excited to continue leading and accelerating Nestlé’s performance and transformation. I thank Paul for the trust he gave me over many years, and I look forward to working with Pablo, the full board, and the entire Nestlé team as well as all our stakeholders, as we pursue our strategy.”
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