Nestlé entrusts its finances to the chief financial officer of the London Stock Exchange

The Swiss food giant Nestlé is to hand over its financial management to Anna Manz, the current chief financial officer of the London Stock Exchange, as some analysts see it as an effort to increase the representation of women in key positions. Aged 50, this British national, who has spent a large part of her career with the spirits group Diageo (owner of the Guinness beer brand and Johnnie Walker whiskey, among others), will succeed Frenchman François-Xavier Roger (61 years), whose departure surprised.

The latter, who had been chief financial officer for eight years, wishes to leave the company “to pursue new professional opportunities”, Nestlé said in a press release. François-Xavie Roger will remain in his post until the arrival of Anna Manz in order to ensure "a smooth transition", adds Nestlé, without specifying a date for the passing of the torch. The London Stock Exchange announced the departure of Anna Manz last week, indicating that she would remain in office for the twelve months of her notice, that is to say until May 2024.

In the press release, Mark Schneider, the boss of Nestlé, highlights "his in-depth knowledge of the consumer goods industry". Before taking over as finance director of the London Stock Exchange in November 2020, Anna Manz had led the finances of the British chemical group Johnson Matthey for more than four years. Previously, she spent 17 years at Diageo, where she notably held the positions of Chief Strategy Officer, Chief Financial Officer for Asia-Pacific and Treasurer.

Mark Schneider also hailed the contribution of Francois-Xavier Roger, who steered Nestlé through a “very uncertain macroeconomic environment over the past three years”. This Frenchman, who worked for the Japanese laboratory Takeda Pharmaceuticals but also the French multinational food company Danone, is to join the board of directors of Sandoz, a subsidiary of the Swiss pharmaceutical group Novartis called to be listed separately on the stock market.

“We are disappointed to see François-Xavier Roger leave,” reacted Martin Deboo, an analyst at Jefferies, in a stock commentary, saying he formed “an effective partnership” with Mark Schneider. However, he says he has a “positive impression of Anna Manz”. At 10:39 GMT, the action lost 2.25% to 109.54 Swiss francs while the SMI was down 0.50%.

Jean-Philippe Bertschy, analyst at Vontobel, also notes that Mr. Roger formed a "very complementary tandem" with the group's boss. But "we welcome the choice of a woman as new chief financial officer," added the analyst in a market note, increasing diversity being "one of Nestlé's top priorities." He is confident about Ms. Manz's ability to take over.

Currently, Nestlé has only three women on its 16-person management committee. Last week, the group that owns Nespresso coffee pods and Maggi broths announced that operational management, whose mission consists in particular in supervising the factories, would be entrusted to Stephanie Pullings Hart, a former executive of the company who has meanwhile spent part of his career at the American manufacturer of meat alternatives Beyond Meat.