Nestlé SA on Monday announced a shuffle of its executive board, as the food and beverage giant prepares for new leadership at the beginning of next year.
The company said that executive vice president Luis Cantarell, who heads the European, Middle East and North Africa zone, will retire at the end of the year.
He will be succeeded on Jan. 1 by Marco Settembri, who currently runs the company’s waters division. Mr. Settembri will in turn be succeeded in his position by Maurizio Patarnello, currently Market Head of Nestlé’s Russia and Eurasia region.
In June, Nestlé tapped Ulf Mark Schneider —who had run a Germany-based health-care company—to be its new chief executive, a move that underscored the increasing emphasis on health and nutrition from the owner of Kit Kat candy bars, Perrier mineral water and DiGiorno frozen pizza.
He starts as CEO on Jan. 1.
By Brian Blackstone
Source: Wall Street Journal
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