Peter Brabeck-Letmathe, the current chairman of Nestlé and former chief executive of the Swiss food and drink group, will stand down from his post in 2017, according to a report from Reuters.
Brabeck-Letmathe will also step down from Exxon and L’Oreal.
The current chief executive of Nestlé, the world’s largest food producer with sales of $100bn, is Belgian Paul Bulcke who has been in post since 2008, though he has been with Nestlé since 1979.
Brabeck-Letmathe was both CEO and chairman of Nestlé from 2005 to 2008. He started work with Nestlé as a salesman in 1968.