July 26, 2018 / 1:44 PM / a year ago

Nestle CEO says is in full agreement with chairman on strategy

Nestle Chief Executive Mark Schneider attends the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy

ZURICH (Reuters) - Nestle (NESN.S) Chief Executive Mark Schneider on Thursday defended the food giant’s efforts to improve margins without sacrificing growth, also countering speculation he could be in disagreement with Chairman Paul Bulcke on the strategy.

“The year-to-date results show some of our progress, we are pleased, but not satisfied. We are far from done, there’s a lot more to come,” Schneider told investors on a call after Nestle posted better-than-expected organic growth for the first half of 2018.

He also underscored his good working relationship with his predecessor and current Chairman Bulcke, saying the pair were “in full agreement regarding the scope and the accelerated pace of the actions” being put into place, countering speculation Bulcke might disapprove of Schneider setting new priorities.

Nestle is under pressure from activist shareholder Third Point to overhaul the portfolio more quickly and radically to boost growth and margins.

Reporting by Silke Koltrowitz, editing by John Revill

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