Published On : 05/30/2023

Nestle hires LSEG’s Anna Manz as CFO

By Richa Naidu and Friederike Heine

LONDON/BERLIN (Reuters) – Nestle, the world’s biggest packaged food company, said on Tuesday it had 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.

Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle 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.

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 Nestle,” Bertschy said, highlighting “costs savings of several billion over the years” and “optimization of the working capital to an unprecedented low level at Nestle” 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.

(Writing by Friederike Heine; Editing by Linda Pasquini and Jan Harvey)

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.