Nestle taps new CEO with health care industry background

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...

Mnet 81021 Switzerland Nestle Ap Tn
 
              FILE - 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.

More