董事长提前卸任，雀巢步入“十字路口”

Core Viewpoint - Nestlé is undergoing significant leadership changes with the early resignation of Paul Bulcke and the appointment of Pablo Isla as the new Chairman, alongside Philipp Navratil as CEO, marking a pivotal moment for the 159-year-old company [1][2]. Leadership Transition - Paul Bulcke, who has been with Nestlé for 46 years, will step down from the board, with Pablo Isla taking over as Chairman on October 1 [1][2]. - Pablo Isla, previously CEO and Chairman of Inditex, is recognized for leading the company to a sixfold increase in market value during his tenure [2]. - The transition was expedited, with Bulcke expressing confidence in the new leadership team and the company's readiness for future growth [2]. Board Changes - Alongside the leadership changes, Dick Boer will become the Chief Independent Director and Vice Chairman of the board, with Marie-Gabrielle and Ineichen-Fleisch also appointed as Vice Chairpersons [3]. - The previous CEO, Laurent Freixe, was dismissed due to a violation of Nestlé's business conduct code, leading to the appointment of Philipp Navratil as the new CEO [3]. Strategic Focus - The "forward to basics" strategy is central to Nestlé's future direction, emphasizing a return to core products and investment in nutrition [4]. - Pablo Isla's primary task will be to advance this strategy, focusing on high-potential products like Nestlé coffee and implementing cost-saving measures [4]. - The new management team aims to leverage Nestlé's strong product portfolio for organic growth [4]. Financial Performance - In the first half of the year, Nestlé's sales in the Greater China region amounted to 2.47 billion Swiss francs, reflecting a year-on-year decline of 6.4% [5]. - Sales in the U.S. and France also saw declines of 1.58% and 3.8%, respectively, while the UK market experienced a slight growth of 0.65% [5]. Market Outlook - The frequent changes in Nestlé's upper management may impact the continuity of strategies in the Greater China region, but the company is expected to optimize its established management systems [6]. - Analysts express confidence in Nestlé's robust internal structure and strategic framework, suggesting that the new leadership will likely innovate within existing strategies [6]. - The direction of Nestlé in the Chinese market under the new leadership remains to be observed following Navratil's official appointment [6].