FNB News - Nestlé proposes Boer and Paliwal as new members of board of directors

You can get e-magazine links on WhatsApp. Click here

PEOPLE

Nestlé proposes Boer and Paliwal as new members of board of directors

Thursday, 21 February, 2019, 16 : 00 PM [IST]

Vevey

Nestlé had proposed Dick Boer, former president and chief executive officer, Ahold Delhaize N V (one of the world’s largest food retail groups and a leader in both supermarkets and e-commerce), and Dinesh Paliwal, president and chief executive officer, Harman International Industries Inc, a subsidiary of Samsung Electronics Co, Ltd, for election to its board of directors. The elections will take place at the company’s annual general meeting on April 11, 2019.

Prior to the merger of Ahold and Delhaize in 2016, Boer, a Dutch citizen, served as president and chief executive officer, Ahold. Previously, he was chief operating officer, Ahold Europe since 2006. He became chief executive officer, Ahold Czech Republic, in 1998, and president and chief executive officer, Albert Heijn, in 2000.

Prior to his career in Ahold, he spent over 17 years in various retail positions for SHV Holding N V and Unigro N V. He was also a member and co-chairman of the Consumer Goods Forum.

Boer holds a degree in business economics and an executive postgraduate degree from IBO Business School. Furthermore, he serves as chairman of the advisory board, G-Star RAW, a fashion retail company; is chairman, Rijksmuseum Fonds, and member, supervisory board, Royal Concertgebouw in the Netherlands.

Due to his prior commitment as an advisor to Ahold Delhaize, Boer, who retired in 2018, will not participate in deliberations or activities on matters that may be of conflict to the interests of Ahold Delhaize until July 1, 2019.

Paliwal, an American citizen with an overseas citizenship of India (OCI), served Harman International (a public company) as chairman and chief executive officer between 2007 and 2017, when Samsung acquired the company.

Prior to joining Harman in 2007, he was president, global markets and technology, ABB Ltd. During his 22 years with ABB, he held various management positions in several countries.

He holds a master’s degree in engineering from the Indian Institute of Technology (IIT) in Roorkee, as well as a master’s degree in applied sciences and engineering and an MBA from Miami University in Oxford, Ohio.

Furthermore, Paliwal serves as a non-executive board member of Bristol-Myers Squibb, USA, and is director, Raytheon Company, USA.

He is also a member of the Business Roundtable, Washington, D.C., and of the Board of the US-India Business Council (USIBC).

Paliwal is a recipient of the Ellis Island Medal of Honour, the highest civilian honour in the United States.

Two current directors, Jean-Pierre Roth, and Ruth Oniang’o will retire from the Board, as they have reached the age limit set out in the board regulations. The board also proposes the individual re-election of the chairman and the other current members of the board.

“Our board continues to provide an important perspective on the fast-changing environment that is relevant to our business, and we are pleased to propose two new directors who will contribute highly relevant expertise and strengthen even further our current mix of perspectives,” said Paul Bulcke, chairman, Nestlé.

“Boer adds extensive food retail industry experience, and he will enhance the board’s existing FMCG (fast-moving consumer goods) expertise. Paliwal has in-depth knowledge in important emerging technology areas, including artificial intelligence, digital business models and cloud computing, with a broad global view. Both bring very relevant, cutting-edge expertise that will support Nestlé through our next phase of value creation and business development,” he added.

With the proposed nominees, the Nestlé board will comprise 14 members, of which 12 are independent directors. Including the proposed nominees, Nestlé has added nine new independent directors over the last four years.

“The continuous refreshment of the board adds new perspectives in the different areas relevant to Nestlé. Our director selection process at Nestlé equips the board with the right blend of capabilities, perspectives and experiences,” said Henri de Castries, chairman, nomination and sustainability committee and lead independent director, Nestlé.

“We believe that we have the right board composition to support sustainable value creation for shareholders and society,” he added.

“On behalf of the entire Board and management, I would like to warmly thank Oniang’o and Roth for their highly appreciated services and important contributions as directors,” Bulcke said.