Nestle Finds New CEO

New hire should help Swiss food and drinks giant seeks to evolve into a nutrition, health and wellness company.

The June 1, 2015 file photo shows Ulf Schneider, chairman of Fresenius SE & Co. KGaA, in Leipzig, Germany. On Monday, June 27, 2016 the Nestle board decided to appoint Schneider as the new Nestle CEO.
The June 1, 2015 file photo shows Ulf Schneider, chairman of Fresenius SE & Co. KGaA, in Leipzig, Germany. On Monday, June 27, 2016 the Nestle board decided to appoint Schneider as the new Nestle CEO.
Peter Endig/dpa via AP, file

GENEVA (AP) — Nestle has selected health care industry executive Ulf Mark Schneider as its new CEO, as the Swiss food and drinks giant seeks to evolve into a nutrition, health and wellness company.

The company announced in a statement late Monday that Schneider, a 50-year-old German and American dual national, will take over starting Jan. 1 from current CEO Paul Bulcke.

Bulcke is taking over as non-executive chairman from Peter Brabeck-Letmathe, who is retiring after 50 years with Nestle.

Brabeck-Letmathe noted the transition amid an "increasingly difficult external environment" for Nestle, which reported a 37 percent drop in net profit last year due to a stronger Swiss franc and one-time items linked to deal-making. It has also been beset by recent product recalls.

Schneider has headed health care giant Fresenius Group since 2003.

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