Nestle SA

Nestle taps new CEO with health care industry background

Nestle has selected health care executive Ulf Mark Schneider as its new CEO, the first chief executive brought in from outside the company since 1922 as the food and drinks giant seeks to evolve into a nutrition, health and wellness business.

The company based in Vevey, Switzerland, announced late Monday that Schneider, a 50-year-old German and American dual national, will succeed current CEO Paul Bulcke starting Jan. 1. Schneider has headed health care giant Fresenius Group since 2003.

Bulcke is taking over as non-executive chairman from Peter Brabeck-Letmathe, who is retiring after 50 years with the company known for its eponymous chocolates as well as bottled water,...