Nestlé S.A. has announced that Paul Bulcke, Chairman of its Board of Directors, will not stand for re-election at the company’s next Annual General Meeting (AGM), scheduled for 16 April 2026. His departure will mark the end of an extraordinary career spanning nearly five decades at the world’s largest food and beverage company.
The announcement represents a pivotal moment in Nestlé’s corporate history, as Bulcke’s leadership has significantly shaped the organization’s trajectory over the past half-century. Having served in numerous critical roles—including Executive Board Member, Chief Executive Officer, and ultimately Chairman of the Board—Bulcke’s contributions have left a lasting impact on Nestlé’s global strategy and culture.
To ensure a smooth transition and preserve continuity at the highest levels of governance, Nestlé’s Board of Directors has unanimously agreed to propose the election of Pablo Isla, currently Vice Chairman of the Board, as Bulcke’s successor. The formal vote is set to take place during the AGM in April 2026. This planned transition is expected to be seamless, allowing the incoming Chairman to take on his new responsibilities with full support from Nestlé’s leadership team.
A Legacy of Steadfast Leadership
Paul Bulcke’s tenure at Nestlé began in 1979 when he joined the company in a marketing role. His professional journey took him across continents, managing operations in Latin America and Europe before he ascended to the company’s Executive Board in 2004, where he took charge of Zone Americas. In 2008, he was appointed Chief Executive Officer, leading the company through significant global expansion, a renewed focus on nutrition and health, and the strengthening of Nestlé’s premium and wellness-oriented product lines.
Under his stewardship as CEO (2008–2016), Nestlé achieved strong financial performance, diversified its portfolio, and deepened its commitment to sustainable business practices. In 2017, Bulcke transitioned to the role of Chairman, where he continued to guide Nestlé’s long-term vision and uphold its governance framework with integrity and foresight.
In reflecting on his decision to step down, Bulcke expressed deep gratitude for the opportunities he has had within Nestlé:
“It has been a true privilege and a pleasure to be part of Nestlé’s journey over so many years, providing me with enriching experiences and responsibilities, ultimately as Chair of the Board of Directors,” he stated. “I am confident that with Pablo Isla, Laurent Freixe as well as a strong Executive Team and Board of Directors, the company is in trusted hands and will continue its promising growth and value creation journey. It is the right moment for me to dedicate more time to my family and to embrace my many other interests.”
Pablo Isla: A Proven Leader and Trusted Successor
Nestlé’s proposed incoming Chairman, Pablo Isla, is a seasoned executive widely respected for his leadership in global business. Isla is best known for his tenure at Inditex, the parent company of fashion powerhouse Zara. From 2005 to 2011, Isla served as CEO of Inditex, and from 2011 until 2022, he held the dual role of Chairman and CEO. Under his direction, Inditex became one of the world’s most influential and sustainable fashion retailers, admired for its efficient logistics, innovative supply chain, and focus on digital transformation.
Isla joined Nestlé’s Board of Directors in 2018 and has brought his wealth of experience in governance, brand management, and organizational strategy to the company. In 2024, he was appointed Vice Chairman and Lead Independent Director. He also serves on several key committees within the Board, including the Nomination Committee, Compensation Committee, and the Chairman’s and Corporate Governance Committees.
In response to the nomination, Isla expressed appreciation and enthusiasm for the opportunity to lead Nestlé’s Board:
“I thank the Board for its confidence in proposing me as Chairman and look forward to working with Laurent Freixe for Nestlé’s continued success,” said Isla. “I am enthusiastic about taking on this new role, as I fully identify with Nestlé’s Nutrition, Health and Wellness strategy and its Creating Shared Value approach to business.”
Laurent Freixe: Driving the Next Phase of Growth
Nestlé’s current Chief Executive Officer, Laurent Freixe, will continue leading the company’s operations through its ongoing transformation. Freixe assumed the CEO role on 1 September 2024 and became a member of the Board of Directors in April 2025. With a long track record inside Nestlé, he has held leadership roles across multiple regions and functions, earning recognition for his strategic insight and people-focused leadership style.
Freixe has been instrumental in reinforcing Nestlé’s position as a global leader in nutrition, health, and wellness. He has led initiatives to sharpen the company’s digital and innovation capabilities, modernize its product lines, and deepen its environmental and social impact programs.
Reflecting on the leadership transition and his working relationship with both Bulcke and Isla, Freixe shared his optimism for the company’s future:
“I am honored and excited to continue leading and accelerating Nestlé’s performance and transformation,” he said. “I thank Paul for the trust he gave me over many years, and I look forward to working with Pablo, the full Board, and the entire Nestlé team as well as all our stakeholders, as we pursue our strategy.”
