Nestle said on Tuesday Chairman Paul Bulcke has decided to step down, days after the Swiss food giant abruptly dismissed its CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate.
Bulcke will be succeeded by Vice Chairman Pablo Isla, effective October 1. Bulcke was earlier supposed to hand over the reins to Isla in April 2026.
According to media report, Nestle investors had since been pushing for Bulcke — a Belgian national who served as Nestle CEO for nearly a decade before becoming chairman in 2017, to step down.
The Financial Times reported that investors blamed him for a chaotic period at the company that culminated with Freixe’s ouster.
Bulcke, who has been scheduled to remain in his position until next April, said in Tuesday’s statement that he had “full trust in Nestle’s new leadership and firmly believe this great company is well positioned for the future”.
“This is the right moment for me to step aside and accelerate the planned transition, allowing Pablo and Philipp to advance Nestle’s strategy and guide the company with a fresh perspective,” he said.
Isla meanwhile hailed Bulcke “for his leadership and unwavering dedication to Nestle”.
“Paul’s wisdom and commitment have shaped the company and laid the groundwork for our next chapter,” he said, adding that Bulcke had been named Honorary Chairman of the company
The dismissal of Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate, which breached Nestle’s code of business conduct, Nestle had said.
Freixe, who spent 39 years with Nestle, will receive no exit package following his departure, the company told Reuters.
