Swiss food giant Nestlé has said its chief executive Peter Brabeck-Letmathe is to take on the additional role of chairman of the company’s board.

The company announced in April last year that its chairman, Rainer E. Gut, is to step down, having reached the mandatory retirement age.

Nestlé said that two vice-chairmen, Andreas Koopmann and Rolf Hänggi, will be elected, “in order to maintain the necessary checks and balances”. With the exception of Brabeck, all board members are independent directors.

“These decisions fully take into account the requirements of effective management of the group’s business as well as those of good corporate governance,” Nestlé said.