Nestle chair to stay on board for six years

NESTLE’S chairman hopes to stay on the board until 2017 and reiterated that the food producer has until 2014 to decide on its stake in French cosmetics company L'Oreal, a paper reported yesterday.

Peter Brabeck said in a weekend newspaper interview he aimed to stay on the Nestle board until the statutory limit, which was 72 years old.

"I could therefore stay on the board until 2017, which is my wish," he said.

The maker of Nescafe coffee, KitKat chocolate bars and Maggi soup has begun a push into the growth market of foods with health-benefit claims, and plans to invest 500m Swiss francs (£351m) in its new subsidiary in the next decade.

Brabeck said he expected 10 percent annual growth for the unit. Asked whether the health science push was designed to position Nestle for a full bid for L'Oreal, in which it holds 30 per cent: “It is primarily about the long-term direction.”