Food and beverage giant Nestle has nominated former Swiss National Bank Chairman Thomas Jordan for its board of directors as part of major governance reforms. The company has faced leadership upheaval over the past 18 months with multiple executive departures.
The world’s largest food and beverage company, Nestle, announced Wednesday that it will nominate former Swiss National Bank Chairman Thomas Jordan to join its board of directors while implementing significant changes to its corporate governance structure.
The Swiss-based multinational has experienced significant leadership instability during the last year and a half, with two chief executives leaving their positions and a board chairman resigning ahead of schedule. These departures came following major business challenges that negatively impacted the company’s stock value and sparked concerns about its management oversight.
Jordan will be nominated for board election along with Fatima Francisco, who currently leads Procter & Gamble’s Global Baby, Feminine and Family Care division. Shareholders will vote on both candidates during the company’s annual shareholder meeting scheduled for April 16.
The consumer goods corporation announced it has conducted a comprehensive evaluation of its governance procedures and committee framework, with reforms taking effect during the upcoming annual meeting.
The planned modifications include scheduling more frequent board meetings to boost director involvement and restructuring committee roles and duties, according to the company’s announcement.
Under the new structure, the existing chair’s and corporate governance committee will be eliminated. A newly created audit and finance committee will handle financial oversight responsibilities, while a separate nomination and corporate governance committee will manage governance matters.
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