Nestlé Seeks To Have Apple CFO On Its Board

Nestlé S.A. NSRGY said Thursday it has proposed Apple Inc. AAPL Chief Financial Officer Luca Maestri and Schneider Electric S.E. SBGSY Chief Marketing Officer Chris Leong for election to its board of directors.

What Happened: The elections will take place at the company’s annual general meeting (AGM) on April 7, Nestlé said.

The Switzerland-based company added that Ann Veneman will retire from its board, while Kasper Rorsted has decided not to stand for re-election.

Nestlé’s board will comprise 14 members with the proposed nominees.

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Why It Matters: Nestlé noted that the changes to its board will help maintain the complementarity of expertise relevant to the food and beverage company in different areas.

Maestri — Apple's CFO since 2014 — has an outstanding track record in finance and strategic planning, the company added.

In January, Apple reported strong earnings results for the recent first quarter despite supply chain disruptions.

Price Action: Nestle shares closed almost 0.2% higher in Wednesday’s regular trading session at $127.90.

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Photo: Courtesy of Nestle on Flickr