Paul Bulcke , Chairman of the Board of Directors, will not stand for re-election at the Annual General Meeting (AGM) of Nestlé SA on 16 April 2026. After nearly 50 years of service, including 14 years on the Board of Directors, nearly 9 years as Chief Executive Officer and 9 years as Chairman, Bulcke has decided to step down from his role on the Board of Directors at the end of the next AGM. The Board of Directors has decided to propose Pablo Isla , current Vice Chairman of Nestlé, for election as Chairman at the AGM on 16 April 2026, thus allowing for a smooth transition and an orderly handover.

Having joined Nestlé in 1979, Paul Bulcke was appointed to the Board of Directors in 2004, with responsibility for Zone Americas. He was elected to the Board of Directors in 2008 and served as the company's Chief Executive Officer from 2008 to 2016, and as Chairman of the Board of Directors since April 2017.

Chief Executive Officer of Inditex from 2005 to 2011, where he was Chairman and CEO from 2011 to 2022, Pablo Isla joined the Board of Directors of Nestlé in 2018. Since 2024, he has held the position of Vice President and Lead Independent Director and is a member of the company's Nomination, Compensation, Chairman and Corporate Governance Committees.

Together with Laurent Freixe , who became Nestlé's Chief Executive Officer on 1 September 2024 and a member of the Board of Directors in April 2025, the new team is well equipped to continue Nestlé's leadership in Nutrition, Health and Wellbeing and to promote the company's values and principles.

"It has been a real privilege and pleasure to be part of Nestlé's journey for so many years, enriched with experiences and responsibilities, most recently as Chairman of the Board of Directors," said Bulcke . "I am confident that with Pablo Isla , Laurent Freixe , a strong management team and Board of Directors, the company is in trusted hands and will continue its promising path of growth and value creation. It is the right time to dedicate more time to my family and my many other interests."

For his part, Nestlé Vice President Pablo Isla thanked the Board of Directors "for the trust they have shown in proposing me as Chairman and I look forward to working with Laurent Freixe for the continued success of Nestlé. I am excited to take on this new role, as I fully identify with Nestlé's strategy in nutrition, health and well-being and its approach to business based on creating shared value".

Laurent Freixe, Nestlé CEO, said: "I am honored and excited to continue to drive and accelerate Nestlé's performance and transformation. I thank Paul for his trust in me over many years and look forward to working with Pablo , the full Board of Directors, the entire Nestlé team and all our stakeholders, in pursuing our strategy."