The decision comes after shareholders criticised the chairman's handling of a scandal involving the firm’s CEO. Laurent Freixe was fired earlier this month after an investigation found he had failed to disclose a romantic relationship with a subordinate.
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Nestlé’s chairman Paul Bulcke will step down earlier than planned, just weeks after the sudden dismissal of CEO Laurent Freixe.
Bulcke will be replaced by Nestlé’s current vice chairman of the board, Pablo Isla, on 1 October. Isla had been due to succeed Bulcke in April 2026.
A Nestlé-veteran of over 45 years, Bulcke recently prompted shareholder anger over his handling of a scandal involving the firm’s CEO.
Freixe was fired earlier this month after an investigation found that he had failed to disclose a romantic relationship with a direct subordinate, breaching the firm’s code of conduct.
The CEO was sacked with no severance pay and replaced by Philipp Navratil, the former head of Nestlé’s Nespresso business.
The firm’s board, including both Bulcke and Isla, had ordered and overseen the probe that led to Freixe’s dismissal.
Despite media speculation, Nestlé has denied that Bulcke sought to defend and shield Freixe during the early stages of the investigation.
The firm said Freixe refused to acknowledge the existence of the relationship until the moment he was fired.
Nestlé has now had three CEOs in the space of just over a year. After a period of company underperformance, Mark Schneider resigned last August after eight years in the role.
“I have full trust in Nestlé's new leadership and firmly believe this great company is well positioned for the future,” said Bulcke. “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.”
Bulcke was elected to Nestlé’s board in 2008 and led the group as CEO between 2008 and 2016.
