Nestle investors call for chairman to step down, FT reports

Nestle investors have called for Chairman Paul Bulcke to step down over the departure of a second chief executive in just over a year, the Financial Times reported on Saturday.

Nestle did not immediately respond to a Reuters request for comment.

Shareholders told the newspaper the dismissal of former Chief Executive Laurent Freixe and the way investigations into his conduct were handled had exacerbated their concerns over governance at Nestle and led them to question Bulcke’s decision-making.

The Swiss food giant abruptly dismissed Freixe at the beginning of September for failing to disclose a romantic relationship with a subordinate.

Freixe’s removal came a year after predecessor Mark Schneider suddenly departed, and 2-1/2 months after Bulcke - chairman since 2017 - said he would step down next year.