Nestlé said Tuesday, President Paul Bulcke decided to resign, days after the Swiss food giant postedly dismissed his CEO Laurent Freixe for not revealing a romantic relationship with a subordinate.
Bulcke will be happened by Vice President Pablo Isla, as of October 1. Bulcke was supposed to deliver the reins to Island in April 2026.
According to the media report, Nestlé’s investors had been pressing Bulcke, a Belgian citizen who served as Nestlé CEO for almost a decade before becoming president in 2017, to resign.
Financial Times reported that investors blamed him for a chaotic period in the company that culminated in Freixe’s expulsion.
Bulcke, who has been scheduled to remain in position until next April, said in Tuesday’s statement that he had full confidence in Nestlé’s new leadership and firmly believes that this great company is well positioned for the future. “
“This is the right time for me to be aside and accelerate the planned transition, allowing Pablo and Philipp to advance in Nestlé’s strategy and guide the company with a new perspective,” he said.
Meanwhile, Isla praised Bulcke “for its leadership and unwavering dedication to Nestlé.”
“Paul’s wisdom and commitment have shaped the company and established the bases for our next chapter,” he said, added that Bulcke had been appointed honorary president of the company
Freixe’s dismissal follows an investigation into a romantic relationship not revealed with a direct subordinate, which violated Nestlé’s commercial behavior, Nestlé said.
Freixe, who spent 39 years with Nestlé, will not receive any starting package after his departure, said the company Reuters.
