29 June 2016 Current Affairs: Food and Beverage multinational Nestle SA on 27 June 2016 named Ulf Mark Schneider as its next Chief Executive Officer (CEO). He is the CEO of Fresenius, a Germany-based healthcare company. He will join Nestle on 1 September 2016 and start as CEO on 1 January 2017.
He will succeed incumbent CEO Paul Bulcke, who will resign from the position on 31 December 2016. Bulcke has been named by Nestle board as its next chairman after incumbent Peter Brabeck-Letmathe retires in 2017.
50-year old Schneider will be the first outsider to run 150-year old Nestlé since 1922, when banker Louis Dapples was appointed to head the company after its only financial loss.
The appointment of Schneider highlights the increasing importance of health and nutrition for Switzerland-based manufacturer of Maggi noodles and Kit Kat candy bars.
Schneider appointment will expand the Nestle's capability to become one of the pre-eminent players in the Nutrition, Health and Wellness sector.
In this line, Nestle also unveiled plans to integrate its skin-health and health-sciences businesses into the main Nestle organization reporting directly to Schneider from January 2017.
The succession announcement comes against the backdrop of Nestle missing its sales target of organic growth of 5% to 6%, dubbed the “Nestlé Model”, for three years. The slowdown has been due to slowdown in major markets like Europe and China, strong Swiss franc and weak consumer prices.
Ulf Mark Schneider : He has been the CEO of Fresenius for over 13 years.
Under his leadership company generated annual sales of 28 billion euro (31 billion dollar) and offers products and services for dialysis, hospitals and outpatient treatments.He is a German and U.S. citizen with a doctoral degree from the University of St. Gallen and an MBA from Harvard Business School.
Nestle : Nestle foundation was laid in 1866 with the setting up of Anglo-Swiss Condensed Milk Company It was founded by German-born pharmicist Henri Nestle, who develops a breakthrough infant food in 1867.In 1905 the company was merged with Anglo-Swiss to form what is now known as the Nestlé Group. It sells more than 200 brands in 189+ countries with 436 factories in 85 countries.
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