Former Inditex CEO Pablo Isla will take the reins as Nestlé new chairman on October 1.
The company’s shareholders compelled the outgoing chairman Paul Bulcke, 71, to resign from the position as a result of the ouster of CEO Laurent Freixe, 63, over an undisclosed relationship with a subordinate and his replacement by Phillip Navratil, a former head of Nespresso.
Analysts said that Isla, 61, is the first outsider to be named chairman at Nestle in 25 years, and could help new CEO Philipp Navratil, 49, as he looks to mollify investors who had grown frustrated with tepid sales and a more than 40% share price drop since 2022.
“Isla must steer Nestle back into calm waters.
Furthermore, he must work with the board to develop a new strategy to regain the confidence of capital markets,” said Ingo Speich, head of sustainability and corporate governance at German asset manager Deka Investment, which has a stake of around 0.5% in Nestle
