Nestlé investors demand chair Paul Bulcke’s exit after back-to-back CEO ousters: report

Nestlé investors are reportedly calling for chair Paul Bulcke to step down immediately, holding him responsible for a period of turmoil at the Swiss food giant after the exit of two chief executives in just over a year, the Financial Times reported.

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The latest controversy followed the sacking of CEO Laurent Freixe, appointed only last year, for an undisclosed relationship with a subordinate. His removal, with no severance, came after Bulcke and the board had already forced out his predecessor, Mark Schneider, in 2024. Philipp Navratil, head of Nespresso, has since taken over.

Shareholders say Bulcke’s judgment and handling of investigations into Freixe’s conduct have worsened concerns over corporate governance.

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“It’s a matter of decency and respect that Bulcke resigns from the position and not wait until April next year,” one top-30 investor told FT, arguing that he has lost shareholder trust.

Long-term investors, including J Stern’s Christopher Rossbach, have called for chair-designate Pablo Isla to assume leadership now rather than in April 2026. Isla, the former Inditex chief, is already playing an active role in board decisions, the report claimed.

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Nestlé defended its position, stressing the two CEO departures were unrelated and that Freixe’s conduct was a “clear breach” of company rules. Still, shareholder unease remains high: at the April AGM, nearly 10% voted against Bulcke’s re-election and another 5.4% abstained, the report further noted.