Nestlé, the world's biggest packaged food company, said on Tuesday that it has hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer.
Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role.
Nestlé, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafé, said Manz will join Nestlé as soon as she is released from her current duties.
She will become a member of Nestle's executive board as an executive vice president.
Currently, there are five women on the 15-person board.
Significant Cost Inflation
Manz, who also spent 17 years at spirits maker Diageo, will begin her role at a time when the consumer goods industry is dealing with significant cost inflation and pressure on margins due to high prices for energy and other commodities.
"We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said.
"Francois has had a successful eight years with Nestlé," Bertschy said, highlighting "costs savings of several billion over the years" and "optimisation of the working capital to an unprecedented low level at Nestlé" as among his achievements.
Rival Unilever Plc also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.
Read More: Nestlé Sees Price Pressures Easing, Says Chairman
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