Food and drinks group Nestlé has announced the appointment of Ulf Mark Schneider as their new chief executive as the company group drives further into its nutrition and wellness strategy.
Schneider previously head of Germany's Fresenius healthcare group Bottom of Form will replace Paul Bulcke and will be the first outside appointment to the helm of the 150-year old Swiss group since 1922.
According to a story in the Financial Times, the appointment of Schneider, who will take over from Bulcke next January, is a blow for long serving insiders tipped as possible candidates.
Bulcke, the Belgian who has been chief executive for more than eight years, is expected become Nestlé's chairman early next year.
Schneider, 50, who has German and US citizenship, is credited by analysts with building Fresenius into a global healthcare company and Nestlé has said he would "accelerate" its expansion as a "nutrition, health and wellness company".
The succession chain at the Swiss company was prompted by the planned retirement next year of Peter Brabeck-Letmathe as chairman of the board.
Alongside the senior management shake-up, Nestlé said it would now fully integrate its health science and skin care units into the wider organisation, with both reporting directly to the chief executive from next year.
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