Bloomberg

(Bloomberg) -- Nestle SA named Ulf Mark Schneider as successor to Chief Executive Officer Paul Bulcke, handing the reins of the world’s biggest food company to an outsider.

Schneider, 50, will join from healthcare provider Fresenius SE, where he has been CEO since 2003, Vevey, Switzerland-based Nestle said in a statement Monday. He will start on Jan. 1, 2017, the maker of KitKat and Nespresso said.

Bulcke will succeed Peter Brabeck-Letmathe as chairman at the company’s next annual general meeting in April 2017, Nestle also said.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net. To contact the editors responsible for this story: Matthew Boyle at mboyle20@bloomberg.net, Thomas Mulier, Paul Jarvis

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