7 June 2023
Nestlé announces a new Chief Financial Officer, signalling an exciting era of value creation.
In a major corporate announcement, Nestlé has revealed Anna Manz as its newly appointed Chief Financial Officer (CFO), propelling the company into an exciting phase of value creation. Manz will take the reins from François-Xavier Roger, the current CFO, who will be stepping down after eight successful years to pursue fresh professional challenges.
This announcement closely follows Nestlé’s recent news of the retirement of long-standing Vice President and Head of Operations, Magdi Batato. Stephanie Pullings Hart has been named as his successor, set to assume the role in 2024.
As one of the largest global food conglomerates, Nestlé has managed to maintain its growth trajectory amidst a period of rampant cost inflation. The industry will closely watch how Anna Manz adeptly navigates the constantly evolving food landscape in the days ahead.
Consumer goods, particularly within the food sector, have been grappling with overwhelming cost inflation. As Nestlé welcomes Anna Manz, the current CFO and Board member of the London Stock Exchange Group (LSEG), into its ranks, the company aims to combat these challenges head-on. Manz will concurrently serve as an Executive Vice President and become a member of Nestlé S.A.’s Executive Board. To ensure a seamless transition, François-Xavier Roger will continue in his role until his successor assumes her position.
Prior to her role at LSEG, Anna Manz demonstrated her financial prowess as the CFO and Executive Director of Johnson Matthey plc. There, she led various key functions, including Strategy, Finance, Procurement, and IT. Furthermore, she accumulated 17 years of valuable experience at Diageo plc, where she held several senior positions, including Chief Strategy Director, CFO of Asia Pacific, and Group Treasurer.
Reuters reports that Manz steps into her new role at a time when the consumer goods industry is contending with exorbitant cost inflation, placing immense pressure on profit margins due to soaring prices. Amidst a cost-of-living crisis, industry observers are eager to witness how Manz, alongside the Nestlé team, will prioritize affordability while upholding robust business performance.
Despite facing cost increases on select products at the beginning of 2023, Nestlé achieved a remarkable 5.6% sales growth, amounting to SFr23.5bn (US$26.06bn). The company also witnessed impressive organic growth, reaching 9.3%.
Expressing his confidence in Manz’s appointment, Nestlé CEO Mark Schneider stated, “Anna has spent her career growing businesses and improving operational efficiencies. Her deep knowledge of the consumer goods industry, combined with her extensive experience across many corporate functions, make her uniquely positioned to help lead Nestlé into its next phase of value creation.”
Nestlé has been undergoing an ongoing rebranding process since publicly acknowledging its dissatisfaction with 60% of its food products being categorized as unhealthy. The company has been actively implementing changes, including initiatives focused on food education and the advancement of regenerative food systems to enhance global health and nutrition.
Particularly noteworthy is Nestlé’s partnership with Cleveland Clinic, which aims to pilot a program offering no-cost frozen meal delivery through Instacart to Cleveland Clinic employees. Nestlé has pledged to fund the initiative as part of its commitment to improve food education and invest in further research and development.
As Nestlé enters this exciting chapter with Anna Manz at the helm, the company’s dedication to innovation, sustainability, and improved food standards remains at the forefront of its mission. The global food giant continues to forge ahead, poised to shape the future of the industry while prioritizing the health and well-being of its consumers.
Source: Food
