Nestlé announces changes to its organization

Nestlé press release

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[Ad hoc announcement pursuant to art. 53 SIX Listing Rules]

Vevey/Switzerland, October 17, 2024

Nestlé announces changes to its organization and its Executive Board

The Nestlé Board of Directors has approved changes to the company's organization, effective as of January 1, 2025. As a result, Nestlé is also announcing changes to its Executive Board.

·      Zone Latin America (LATAM) and Zone North America (NA) will merge to form Zone Americas (AMS), which will be led by Steve Presley. He will relocate to Nestlé's headquarters in Vevey, Switzerland.

·      Zone Greater China Region (GCR) will become part of Zone Asia, Oceania and Africa (AOA), under the leadership of Remy Ejel. David Zhang will step down from the Executive Board and will remain Chairman and CEO of the Greater China Region.

·      Zone Europe (EUR) will continue to be led by Guillaume Le Cunff and remains unchanged.

Laurent Freixe, Nestlé CEO, said: "A leaner Executive Board structure and close collaboration of the leadership team at the headquarters will increase simplicity, speed up decision-making and strengthen the momentum behind global initiatives. We will continue to build on the strengths of our Market Heads to ensure consistent in-market execution across the Group."

·      Bernard Meunier has decided to step down from the Executive Board on March 31, 2025, and will lead strategic projects for the Group. David Rennie, currently Head of Nestlé Coffee Brands will succeed Bernard Meunier as the Head of Strategic Business Units (SBUs) and Marketing and Sales. Nestlé Coffee Brands, with the exception of Nespresso, will be integrated into the SBU organization.

·      Nespresso is led by Philipp Navratil. He will join the Executive Board and now report directly to the Nestlé CEO. Philipp Navratil is known for his ability to inspire and motivate people. He has extensive global experience across various roles and a profound understanding of Nestlé.

·      Nestlé Health Science will continue to be led by Anna Mohl.

Starting in 2025, Nestlé's reporting will comprise five segments: Zone AMS, Zone AOA, Zone EUR, Nestlé Health Science and Nespresso. The company will also continue to voluntarily report sales performance each quarter for North America and for Latin America within Zone AMS and for Greater China within Zone AOA.

Further changes relate to other areas of responsibility:

·      Béatrice Guillaume-Grabisch, Head of Human Resources and Business Services, has decided to step down and to pursue new professional opportunities. Her area will be split into its different functions to underpin the importance of each of them.

Anna Lenz, currently Country Manager of Nestlé Portugal, will lead Human Resources. She will join the Executive Board. Anna Lenz's inclusive leadership style cultivates collaboration and empowers her team to achieve outstanding results.

Chris Wright, Chief Information Officer, responsible for all information technology and digitalization, will now report to the Nestlé CEO without holding a position on the Executive Board.

Hans-Ulrich Mayer will remain in charge of Business Services and report to CFO Anna Manz.

·      Antonia Wanner, who leads the Sustainability Unit, will now report directly to the Nestlé CEO without holding a position on the Executive Board.

Laurent Freixe added, "With these organizational changes, all the leaders of key units driving our performance and our transformation will now report directly to me. This is crucial, as we sharpen our focus on consumers and customers and restore investment in our brands and in innovation to expand market share and accelerate our performance. Going forward, we are also placing a greater emphasis on Nestlé's digital transformation into a real-time, end-to-end connected, data- and AI-powered organization. I am confident these changes will optimally position Nestlé for future success.

"On behalf of our entire team, I extend my sincere gratitude to all colleagues for their outstanding work, dedication and commitment. I want to express my heartfelt thanks to Béatrice for her long-standing service to our company and her great achievements. We wish her all the best. Meanwhile, we welcome Anna and Philipp to the Executive Board and look forward to working with them."

Anna Lenz Biography: https://www.nestle.com/sites/default/files/2024-10/anna-lenz-biography.pdf

Philipp Navratil Biography: https://www.nestle.com/sites/default/files/2024-10/philipp-navratil-biography.pdf

Executive Board Chart: https://www.nestle.com/sites/default/files/2024-10/executive-board-chart-2024.pdf

Contacts

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