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Nestlé S.A. announced on Tuesday (September 16) that its chairman, Paul Bulcke, will be stepping down and Pablo Isla will take over as Chairman of the Board effective October 1.
Bulcke, the company said, has decided to step down "earlier than scheduled".
The company added that this accelerates the planned transition.
Paul Bulcke, who has been Chairman since April 2017, said in a statement that he has full trust in Nestlé’s new leadership and that now is the right moment to step aside.
"I have full trust in Nestlé's new leadership and firmly believe this great company is well positioned for the future. 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," he said.
In recognition of his long service, he will be named Honorary Chairman after stepping down.
Pablo Isla, who is currently the vice chairman at the company, joined Nestlé’s board in 2018. He was formerly chief executive and chairman of Inditex.
His impending chairmanship was earlier announced for April 2026 as part of a planned succession, but that date has now been moved up.
"On behalf of the Board of Directors, I want to express our heartfelt gratitude to Paul for his leadership and unwavering dedication to Nestlé. Paul's wisdom and commitment have shaped the company and laid the groundwork for our next chapter," he said in a statement.
Bulcke stepping down comes amid a period of leadership turbulence and mounting pressure from shareholders.
Earlier in September, Nestlé dismissed its CEO Laurent Freixe, who had been in the role for just over a year, for failing to disclose a romantic relationship with a subordinate, in breach of the company’s code of conduct.
His exit followed the departure of his predecessor, Mark Schneider, who left in 2024, on the back of the company's poor performance and volume growth.
Investor confidence has reportedly taken a hit. According to a Financial Times report, shareholders have called for Paul Bulcke to step down immediately rather than wait until his previously planned exit in April 2026. Their concerns center on corporate governance, the handling of the CEO dismissals, and what they view as a lack of responsiveness from the board.
Also Read: Bank chiefs see credit growth reviving to 11–13% despite Q1 slowdown
Bulcke, the company said, has decided to step down "earlier than scheduled".
The company added that this accelerates the planned transition.
Paul Bulcke, who has been Chairman since April 2017, said in a statement that he has full trust in Nestlé’s new leadership and that now is the right moment to step aside.
"I have full trust in Nestlé's new leadership and firmly believe this great company is well positioned for the future. 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," he said.
In recognition of his long service, he will be named Honorary Chairman after stepping down.
Pablo Isla, who is currently the vice chairman at the company, joined Nestlé’s board in 2018. He was formerly chief executive and chairman of Inditex.
His impending chairmanship was earlier announced for April 2026 as part of a planned succession, but that date has now been moved up.
"On behalf of the Board of Directors, I want to express our heartfelt gratitude to Paul for his leadership and unwavering dedication to Nestlé. Paul's wisdom and commitment have shaped the company and laid the groundwork for our next chapter," he said in a statement.
Bulcke stepping down comes amid a period of leadership turbulence and mounting pressure from shareholders.
Earlier in September, Nestlé dismissed its CEO Laurent Freixe, who had been in the role for just over a year, for failing to disclose a romantic relationship with a subordinate, in breach of the company’s code of conduct.
His exit followed the departure of his predecessor, Mark Schneider, who left in 2024, on the back of the company's poor performance and volume growth.
Investor confidence has reportedly taken a hit. According to a Financial Times report, shareholders have called for Paul Bulcke to step down immediately rather than wait until his previously planned exit in April 2026. Their concerns center on corporate governance, the handling of the CEO dismissals, and what they view as a lack of responsiveness from the board.
Also Read: Bank chiefs see credit growth reviving to 11–13% despite Q1 slowdown
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