Nestle SA (NESN.EB) said Wednesday that it will reorganize its infant-nutrition division as it moves to spur more rapid growth in a unit it has been identified as one of its priorities.
Infant nutrition will move from the global-nutrition division to a regionally managed business starting Jan. 1, Nestle said. A strategic business unit will be created to implement the company's nutrition strategy.
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"The new organization will allow Nestle's infant-nutrition business to deliver accelerated organic growth and realize further efficiency gains," Nestle said. "The more agile and efficient structure will enable Nestle to respond faster to rapidly changing local consumer preferences, evolving regulation, and customer and channel demand for tailor-made solutions."
The Switzerland-based packaged food company also announced changes to its executive board.
Chief Technology Officer Stefan Catsicas will leave the company and be replaced by Stefan Palzer, who currently heads the company's research center.
Heiko Schipper, head of Nestle Nutrition, will leave the company. He won't be replaced on the executive board under the reorganization of the infant nutrition unit, Nestle said.
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(END) Dow Jones Newswires
November 15, 2017 03:11 ET (08:11 GMT)