Nestle's Brabeck says will step down as chairman in 2017 - paper

ZURICH Sat Apr 5, 2014 2:26pm IST

Chairman of Nestle Peter Brabeck-Letmathe gestures during the annual meeting of the World Economic Forum (WEF) in Davos January 25, 2013. REUTERS/Pascal Lauener/Files

Chairman of Nestle Peter Brabeck-Letmathe gestures during the annual meeting of the World Economic Forum (WEF) in Davos January 25, 2013.

Credit: Reuters/Pascal Lauener/Files

Related Topics

Stocks

   

ZURICH (Reuters) - Nestle's (NESN.VX) chairman Peter Brabeck expects to retire in 2017, in line with internal company rules preventing board members from standing for re-election once they reach the age of 72, he said in an newspaper interview published on Saturday.

"Those are the rules of the game and I'm going to respect them," Brabeck, who turns 70 in November, told Swiss newspaper Le Temps.

"I will retire from Nestle in 2017 as planned", he said.

Nestle's board regulations require the terms of office for all board members to expire no later than at the annual shareholder meeting following the member's 72nd birthday.

Brabeck declined to comment on who would succeed him in the top job at the world's biggest food company.

"Thanks to our internal organisation, anybody can be replaced within 24 hours if something happens," he said, adding there was no point in speculating at this stage on who would succeed him.

(Reporting by Alice Baghdjian and Silke Koltrowitz; Editing by Greg Mahlich)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Fuelling Change

REUTERS SHOWCASE

NSEL Fraud

NSEL Fraud

Govt orders Financial Tech to absorb NSEL, liabilities  Full Article 

Quarterly Result

Quarterly Result

HDFC Bank net profit up 20 percent, lags estimates.  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

China Economy

China Economy

China's growth slowest since global crisis, annual target at risk  Full Article 

Coal Reforms

Coal Reforms

Factbox - India pushes ahead with coal reforms  Full Article 

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide  Full Article 

Airport Accident

Airport Accident

Total CEO de Margerie killed in Moscow business jet accident  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage