Nestle S.A. to launch new growth 'fund'; names new c.f.o.
September 26, 2005
by FoodBusinessNews.net Staff
VEVEY, SWITZERLAND — The board of Nestlé S.A. has established the Nestlé Growth Fund with a committed capital of €500 million to be invested over 5 to 7 years. This new fund is intended to help Nestlé grow new businesses in the areas of science and nutrition to a size that would allow them to be integrated into mainstream business units of the group.
Wolfgang Reichenberger, currently chief financial officer of Nestlé, will manage the fund by forming a partnership with Dr. Gunnar Weikert, founder and chairman of Inventages Venture Capital Investments Inc. The board of Nestlé S.A. has agreed, and Mr. Reichenberger will leave the Nestlé Group in January to manage the fund.
As a result, the board named Paul Polman, formerly group president of Procter & Gamble Europe, to succeed Mr. Reichenberger as c.f.o. of Nestlé on Jan. 1.
"Wolfgang Reichenberger, in his five years as c.f.o., was instrumental in strengthening the performance culture in our group," said Peter Brabeck-Letmathe, chairman and chief executive officer of Nestlé. "Bringing down overhead costs through the FitNes project, setting up shared service centers and conducting many structural and financing projects, such as the Alcon IPO, and finally launching the first share buy-back for cancellation, were significant contributions to Nestlé.
"He now has the opportunity of fulfilling his desire to be an independent entrepreneur, while still being connected to the Nestlé Group. I wish him much success and satisfaction in his new endeavor."