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New Nestle CEO to lead health pivot

Jun 29, 2016 - 12:15 AM

Ulf Mark Schneider who thrived as the head of a healthcare company is seen to trigger a new era at Nestle

epa04344374 (FILE) A file picture dated 28 February 2002 of a Swiss flag flying over Nestle's headquarter in Vevey, Switzerland. Nestle, the world's biggest food company, said 07 August 2014 that its net profit sank 9.5 per cent to 4.63 billion Swiss francs (5.1 billion dollars) in the first half of the year, as the strong Swiss currency hurt earnings. Revenues dropped 4.8 per cent to 42.98 billion francs year-on-year, Nestle said. However, Nestle's organic revenue growth, which does not include negative currency effects, reached 4.7 per cent. The strong franc lowers the value of foreign-currency earnings. Nestle also announced that it would buy back shares worth 8 billion francs through next year. EPA/FABRICE COFFRINI