Nestlé's chairman Peter Brabeck has said that he expects to retire from his role in 2017, in line with internal company rules preventing board members from standing for re-election once they reach the age of 72.
In a weekend interview with Swiss newspaper "Le Temps", Brabeck, who turns 70 this November, said that "those are the rules and I'm going to respect them."
"I will retire from Nestle in 2017 as planned," he added.
Nestle's board regulations require the terms of office for all board members to expire no later than at the annual shareholder meeting following the member's 72nd birthday.
Brabeck declined to comment on who would succeed him in the top job at the world's biggest food company.
"Thanks to our internal organisation, anybody can be replaced within 24 hours if something happens," he said, adding there was no point in speculating at this stage on who would succeed him.
© 2014 - European Supermarket Magazine by Enda Dowling
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