NESTLE (M) BHD MR 1

Nestle reported a pickup in growth for the third quarter and saw a share jump of around 9.3 percent. The new CEO plans to cut 16,000 of the current 277,000 positions and wants to raise the savings target for the next two years from CHF 2.5 billion to CHF 3 billion. The announcement contributed significantly to the rise of the Swiss benchmark index SMI. » Mere på finanzen.net

Nestle accelerated growth markedly in the third quarter and is on track to meet its full-year targets. The stock jumped 9.3 percent after the new CEO announced cost discipline and revealed plans to cut 16,000 jobs over two years. Positive quarterly numbers also boosted the European food sector and lifted the SMI, while other stocks such as ABB were weaker after profit-taking. » Mere på finanzen.net

Nestlé CEO Philipp Navratil plans to streamline the group and cut around 16,000 jobs over the next two years, about 12,000 of them office positions. The savings target through the end of 2027 was raised from 2.5 to 3.0 billion Swiss francs. For the first nine months, Nestlé reported sales of 65.9 billion Swiss francs and organic growth of 3.3 percent; the outlook for organic growth above 2.2 percent and an adjusted operating margin of at least 16.0 percent remains unchanged. » Mere på t-online.de

Paul Bulcke is stepping down early as chairman of Nestlé’s board. His current deputy, 61-year-old Pablo Isla, is expected to take over. The move follows the dismissal of CEO Laurent Freixe in early September and is linked to pressure from shareholders. » Mere på sueddeutsche.de

Paul Bulcke is stepping down from Nestlé’s board earlier than originally planned to speed up the transition. His successor as chairman will be Pablo Isla, effective October 1. The move follows the recent leadership crisis after the immediate dismissal of CEO Laurent Freixe; the share price reacted with a slight decline to around CHF 71.52. » Mere på finanzen.net