Wal-Mart Stores executive Wan Ling Martello is to replace Nestle CFO Jim Singh, who is retiring from the world’s largest food maker.
The Swiss food giant announced today (27 September) that Singh planned to leave next March after 35 years with the company.
CEO Paul Bulcke, who joined Nestle in 2007, praised Singh’s contribution to Nestle. He said: “Since I became CEO I have been able to appreciate the full extent to which Jim has been instrumental in steering Nestlé through these last challenging years.”
Martello, a former Kraft Foods executive, joined Wal-Mart in 2005 as senior vice president, CFO and strategy for the world’s largest retailer’s international operations. Her present role at Wal-Mart is as COO for the retailer’s e-commerce operations in emerging markets. She is set to join Nestle in April.
Bulcke added: “I am confident that Wan Ling will blend well into the Nestlé culture and that her strong experience in finance and the food and beverage business, both from the industry and retail angle, will allow her to further enhance the Nestlé model combining top-line growth with continuous margin improvement and an improved return on invested capital.”