SWITZ: Nestle chairman Brabeck-Letmathe to step down in 2017
Brabeck joined Nestle in 1968 as salesman in company's Austrian business
Nestle has confirmed chairman Peter Brabeck-Letmathe will step down from his position in 2017.
A spokesperson for Nestle told just-food today (7 April) Brabeck-Letmathe would retire when his term in office "naturally came to an end as due to internal guidelines".
The spokesperson said: "Members of the board of directors are prohibited to represent the firm once they reach 72."
Brabeck-Letmathe has held the position since 2005 when he became chairman and CEO. In 2008, the head of Nestle's business in the Americas, Paul Bulcke, was appointed CEO, with Brabeck-Lemathe remaining chairman.
Asked if Nestle had considered who would replace Brabeck-Letmathe, the spokesperson said it was "far too early to say so and we do comment at this stage".
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