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Nestle appoints Fresenius' Ulf Mark Schneider as CEO

Published 06/27/2016, 12:04 PM
Updated 06/27/2016, 12:10 PM
© Reuters. A Swiss flag loats on the headquarters of world food giant Nestle in Vevey

ZURICH (Reuters) - Nestle SA (S:NESN) poached Fresenius (DE:FREG) Chief Executive Ulf Mark Schneider to replace long-standing CEO Paul Bulcke, the Swiss food giant said on Monday.

Bulcke will be nominated for the role of chairman at the company's annual general meeting in April 2017, to replace Peter Brabeck-Letmathe, Nestle said.

"I am honoured and excited to have the opportunity to join Nestle," Schneider, 50, said in a statement. "This is a truly iconic global company with a proud heritage and tremendous future prospects."

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