Nestlé CFO Mario Corti To Step Down - Wolfgang Reichenberger to Succeed Him as CFO

   
To Press Releases listVevey,Mar 16, 2001

Following his election as Chairman and Chief Executive Officer of SAirGroup yesterday, Mr. Mario A. Corti, Chief Financial Officer of Nestlé S.A., has announced his resignation from his functions at Nestlé.

Nestlé S.A. regrets losing its Chief Financial Officer and thanks him for his important contribution to the Group's success. Mr. Corti implemented numerous impulses and ideas and initiated far-reaching developments in his area. Nestlé nevertheless understands the circumstances which lead to his decision. In view of the difficult situation of SAirGroup, Nestlé will, in a spirit of friendly cooperation, do what it can to facilitate the transition. Nestlé also considers this a contribution to helping a renowned Swiss company in a critical situation.

With regard to the succession in the Finance Division, the Management of Nestlé will propose to the Board of Directors of Nestlé S.A. at its meeting of April 5, 2001 that Mr. Wolfgang Reichenberger, 47, formerly Senior Vice President Finance at the Center and presently head of the important Japanese market, be named Executive Vice President in charge of the Finance and Control Division and Chief Financial Officer of the Nestlé Group. Mr. Reichenberger has been working for Nestlé since 1977. The combination of international management experience as well as financial know-how, acquired in a rapid career, creates the best conditions for his new task. This ensures a rapid and seamless transition.