Pablo Isla, former president of Inditex and current advisor to the Cinven fund, has recently been appointed as vice president of the Nestlé Group. Isla has been a director of the Swiss multinational for five years, and his term expired this year. The shareholders of Nestlé approved his appointment as lead independent director and chairman of the Nomination Committee at their recent meeting, replacing Henri de Castries, who did not stand for re-election after 12 years as vice president due to internal term limits.
Isla was initially appointed as a director by the Nestlé shareholders meeting in April 2018. His extensive experience in the retail sector, particularly in e-commerce, as well as his expertise in supply chain, innovation, and governance were highlighted by the company at that time. Despite stepping down as president of Inditex in March 2022, Isla will continue to serve on the Nestlé board of directors for another six years.
In addition to his role at Nestlé, Isla has taken on various other projects. He became a global advisor to the Cinven fund on January 1 and is the president of Amara Nzero, a renewable energy company in which the fund invests. Isla also serves as the president of the governing council of IE University, an advisor to private equity firm General Atlantic, and a member of several boards of trustees.
At Nestlé’s 157th shareholders meeting held last week (on [insert date]), the company approved its latest accounts including a proposed dividend payment plan which will pay out 3 Swiss francs per share to its shareholders with an increase from previous year by 5 cents per share. Although reporting an impressive growth of net profit by 21% to CHF 11.2 billion for financial year ending [insert date], revenue declined by -1.5% with CHF93 billion recorded compared to previous year’s CHF94.5 billion . It was partly attributed to decrease in volume sold .
The company’s shares on Swiss Stock Exchange have been trading at their lowest levels since pandemic hit despite showing an impressive rise by around 7