Publications
Partners
Zurich - Shares in the world’s biggest food group Nestlé were among only a handful of Swiss gainers on Wednesday, as the market gave a cautious welcome to the appointment of a Walmart executive to succeed Jim Singh as chief financial officer.
“Jim will turn 66 next year, so the change is not really a surprise. The surprise is that the new CFO is from outside Nestlé,” said Vontobel analyst Jean-Philippe Bertschy.
Nestlé said late on Tuesday that Wan Ling Martello, executive vice-president of global e-commerce for emerging markets at Walmart since 2005, will take over on April 1 from Singh, who is retiring after a 35-year career with Nestle.
Martello, a US citizen of Chinese and Philippine origin, previously worked with Kraft Foods, Borden Foods and NCH Marketing Services, a former subsidiary of Nielsen.
“Jim was a highly respected person within Nestlé,” Bertschy said. “We believe however that Ms Martello will bring a breadth of knowledge in finance, emerging markets, retailers and e-commerce, among others.”
Nestlé shares were the biggest gainer on an otherwise sluggish Swiss blue chip index, gaining 0.4% to 49.63 francs at 08:24 GMT, outperforming a 0.1% firmer European food and beverage sector.
“In addition to the further welcome modernisation of Nestlé's male-dominated upper echelons, we think the appointment makes sense,” said Kepler Capital Markets analyst Jon Cox.
“She comes from Nestlé’s biggest customer, she has experience in e-commerce... emerging markets (key growth driver) and obviously brings a female multi-ethnic, emerging market/Asian face to the world as Nestlé’s representative.”
“Jim will turn 66 next year, so the change is not really a surprise. The surprise is that the new CFO is from outside Nestlé,” said Vontobel analyst Jean-Philippe Bertschy.
Nestlé said late on Tuesday that Wan Ling Martello, executive vice-president of global e-commerce for emerging markets at Walmart since 2005, will take over on April 1 from Singh, who is retiring after a 35-year career with Nestle.
Martello, a US citizen of Chinese and Philippine origin, previously worked with Kraft Foods, Borden Foods and NCH Marketing Services, a former subsidiary of Nielsen.
“Jim was a highly respected person within Nestlé,” Bertschy said. “We believe however that Ms Martello will bring a breadth of knowledge in finance, emerging markets, retailers and e-commerce, among others.”
Nestlé shares were the biggest gainer on an otherwise sluggish Swiss blue chip index, gaining 0.4% to 49.63 francs at 08:24 GMT, outperforming a 0.1% firmer European food and beverage sector.
“In addition to the further welcome modernisation of Nestlé's male-dominated upper echelons, we think the appointment makes sense,” said Kepler Capital Markets analyst Jon Cox.
“She comes from Nestlé’s biggest customer, she has experience in e-commerce... emerging markets (key growth driver) and obviously brings a female multi-ethnic, emerging market/Asian face to the world as Nestlé’s representative.”
