The world's biggest food maker Nestle SA rewarded its chief executive with the additional title of chairman, after shareholders rejected opponents who said the consolidation runs counter to the way companies should be moving

Food & Drink Weekly, April 25, 2005

The world's biggest food maker Nestle SA rewarded its chief executive with the additional title of chairman, after shareholders rejected opponents who said the consolidation runs counter to the way companies should be moving. The board to appointed CEO Peter Brabeck as chairman, but in the face of the shareholder pressure unusual in Europe, Nestle signaled it would limit the time Brabeck would also serve as chairman.

"We can't give you the exact amount of time for which Mr. Brabeck will fill the double mandate, but the general feeling at Nestle is that this double mandate could last around two to three years," outgoing Chairman Rainer Gut said.