No. of Recommendations: 16
NZZ (Neue Zürcher Zeitung) Interview with Peter Brabeck-Lethmathe, who worked 61 years at Nestlé, was CEO from 1997 to 2008(CEO), from 2005 to 2017 Chairman of the Board of Directors. Following the resignation of Klaus Schwab as Chairman of the World Economic Forum (WEF), he served as Vice Chairman and interim head of the WEF from April to August 2025.
In the early 2000s, it became clear to me that the century-old paradigm of the food industry—producing as many calories as possible, as cheaply as possible—was reaching its limits. We had to move away from food and beverages and toward a holistic approach to nutrition, health, and wellness—nutrition not only as sustenance, but as a contribution to a better life. This reorientation was a highlight for me. So I am somewhat disillusioned to see Nestlé returning to its old ways. The sale of divisions such as skin care and medical nutrition has sent a clear signal: back to food and beverages. I regret that very much.
You joined Nestlé in 1968, and now you are stepping down as Chairman Emeritus. Was that a difficult decision?
Of course, almost sixty years in a company leave their mark on everyone. I was very closely connected to the company. But there are some things that have happened in the past that I can no longer identify with. I also see that my advice is not needed. Since I stepped down as Chairman of the Board of Directors in 2017, the Board has not once asked me for my opinion as Honorary Chairman.
Not even out of courtesy?
Not once. Perhaps they didn't ask me in part because they knew exactly what my opinion would be – for example, on the return to food and beverage. The same applies to the sale of Nestlé Skin Health, which is now listed on the stock exchange as Galderma. I was convinced of the deal. And when I look at how much Galderma is worth today, I wasn't so wrong. But I was never asked about that either, probably for purely personal reasons. Then there's the financial policy: I handed over the company with more than CHF 40 billion in capital and CHF 12.3 billion in debt. Now the company has over CHF 60 billion in debt – and for nothing, just to buy back shares. That was the typical influence of the financial markets. In my opinion, the chairman and the board of directors should ensure that no decisions are made that weaken the company in the long term.
