Nestlé Chairman Bulcke to Step Down Early After CEO’s Ouster (3)

Nestlé SA Chairman Paul Bulcke will step down early after investors questioned his handling of the ouster of the food company’s former chief executive officer due to an undisclosed romantic relationship with a subordinate.

Pablo Isla, who had been due to succeed Bulcke next year, will take over on Oct. 1, the Swiss foodmaker said. Nestlé previously said that both Bulcke and Isla oversaw the probe that led to CEO Laurent Freixe’s firing.

Nestlé shares traded 0.5% lower early Wednesday in Zurich after the announcement late Tuesday. They’re down 17% over the past 12 months.

WATCH: Nestlé Chairman Paul Bulcke will step down early after investors questioned his handling of the ouster of the food company’s former chief executive officer. Deirdre Hipwell reports.

Source: Bloomberg

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