ARLINGTON, VA. — Steve Presley, currently chief finance and strategic transformation officer for Nestle USA, has been named market head and chief executive officer of Nestle USA, effective April 1. He succeeds Paul Grimwood, who will remain with the company as non-executive chairman until May 2019.

Mr. Presley began his career with Nestle S.A. more than 20 years ago as a controller for a beverage factory in Suffolk, Va. He has held various roles within the beverage division, including vice-president of finance and vice-president and general manager of premium ready-to-drink beverages. In 2009, he was named president of Nestle Business Services. He was named chief financial officer of Nestle USA in 2013, and in 2016 his role was expanded to include leading Nestle USA’s strategic transformation, assuming responsibility for developing, implementing and leading strategies to ensure long-term growth of the company. His replacement as c.f.o. will be announced at a later date, the company said.

“Steve has played a critical role in driving the strategic transformation of Nestle USA alongside Paul,” said Laurent Freixe, Nestlé executive vice-president and head of Zone Americas. “His powerful combination of deep commercial and financial expertise provides continuity and makes him ideally suited to lead Nestle USA in the changing consumer marketplace. Steve’s experience will prove invaluable in continuing to pursue new internal and external models to increase the speed of innovation, capitalize on M.&A. to seed our innovation machine, and create new income streams and capabilities.”

Mr. Grimwood has been chairman and c.e.o. of Nestle USA since 2012. He joined the company in 2001 as country business manager for Nestle Purina PetCare U.K. and Ireland. In 2005, he advanced to the role of head of operations for Zone Europe and was later appointed market head for the U.K. and Ireland in 2009. As non-executive chairman, Mr. Grimwood will continue to provide strategic counsel with a focus on stakeholder relations.

“Paul’s dedication to Nestle and his exceptional leadership helped propel Nestle USA to record service levels, working capital and profitability in 2017,” Mr. Freixe said. “He achieved this success while simultaneously orchestrating Nestle USA’s strategic transformation, which included the sale of our confections business, moving our headquarters across the country, and leading acquisitions and investments in companies like Freshly, Sweet Earth and Chameleon Cold-Brew.”