Speaking to investors at the company’s AGM in Lausanne yesterday (10 April), departing Nestlé CEO and chairman Peter Brabeck said that the company is on target to reach its goals this year.      

“We are completely confident of achieving our objectives yet again this year and remain highly optimistic about the years to come,” Brabeck told shareholders.

Last month, Nestlé predicted fiscal 2008’s organic growth would be similar to the previous year’s level of 7.4%. Nestle posted a 2007 net profit of CHF10.7bn (US$10.7bn) on sales of CHF107.6bn.

Shareholders at the AGM approved the proposed dividend increase to CHF12.20 per share, up 17.3% over last year.

They also gave the green light to the company’s plan to buy back CHF10,072,500 in share capital through the cancellation of a corresponding number of registered share.

Brabeck stepped down as CEO yesterday. Paul Bulcke replaced him as CEO.

“Mr Bulcke became CEO last night, enabling Mr Brabeck to focus on his duties as chairman,” a Nestlé spokesperson told just-food.