8-3-2012- The world's largest food company is getting new leadership. Nestle S.A. announced Friday it will be appointing Paul Grimwood as Chairman and CEO. The change will be effective in October following the retirement of the current leader Brad Alford.
Grimwood has been with Nestle for 32 years, now leaving at CEO of Nestle UK and Ireland to take the top spot. Fiona Kendrick, who heads Nestle's global coffee business, will be taking over for Grimwood.
Shares of the company have been climbing in today's trading session. Currently, Nestle is up over 2% to $62.65.