Apple’s chief financial officer joins Nestlé’s board of directors.
(Photo: Apple)
Zurich The food company Nestlé is reorganizing its board of directors: Luca Maestri, CFO at Apple, is moving into the board, as Nestlé announced on Thursday. The company also hired Chris Leong, head of sales at machine builder Schneider Electric. The two designated supervisors are to be proposed to the shareholders for election at the Annual General Meeting in early April.
On the other hand, Kasper Rorsted, CEO of Adidas, surprisingly announced that he would not stand for re-election. Rorsted has been a member of Nestlé’s Board of Directors since 2018. In addition, former US Secretary of Agriculture Ann Veneman is stepping down from the Board of Directors after eleven years.
The staff restructuring is part of the continuous renewal of the body, Nestlé said. With Maestri and Leong, the group secures financial, digital and sales expertise. Paul Bulcke, CEO of Nestlé, said: “Luca Maestri has a high level of expertise in corporate finance and strategic planning.” Maestri, who has been Apple’s chief financial officer since 2014, has helped shape a global corporation.
Marketing expert Chris Leong has been a board member at Schneider Electric since 2015. She previously worked at Nokia in China, Japan and South Korea, among other places, and therefore brings expertise in the Asian market with her.
Top jobs of the day
Find the best jobs now and
be notified by email.
Margins are under pressure
Nestlé can use the knowledge in the current environment: Because the margins are under pressure due to increased raw material prices. At the same time, Nestlé cannot immediately pass on all price increases to consumers. The food company therefore expects growth to slow down in the current year.
>> Read here: “Think bigger!” – Nestlé boss Mark Schneider is turning the food giant inside out in a hurry
The group forecasts organic growth of around five percent and an operating profit margin of between 17.0 and 17.5 percent. “We have a certain element of caution in our 2022 guidance given the inflationary environment,” said CEO Mark Schneider.
In 2021, the Swiss group continued to grow strongly: sales climbed to CHF 87.1 billion. Nestlé thus achieved an increase of 7.5 percent adjusted for acquisitions, disposals of divisions and currency effects and exceeded analysts’ expectations. Things went well, especially in the shops with coffee and pet food, as well as health products such as vitamins, which had benefited from the corona crisis.
It will now be important to alleviate the pressure on margins through cost efficiency and the renegotiation of contracts with suppliers. In addition, strong brands like Nespresso find it easier to pass on increased costs to customers. The expertise of financial specialist Maestri and brand expert Leong should be in demand quickly.
More: Nestlé takes Vittel off the German market