Exclusive-Nestle chair's exit followed rising unease over direction, investors say

ZURICH/LONDON (Reuters) -Nestle's recent announcement that Chairman Paul Bulcke will step down followed rising investor unease over the food group's share price, the tenure of previous CEO Mark Schneider and concerns its corporate governance model was out of date, investors told Reuters. Support for Bulcke, 70, was ebbing away due to doubts about Nestle's recovery after the pandemic, when sales volumes flagged in 2023 as the world's largest packaged food maker increased prices to offset rising raw material costs, four Nestle investors said. There was also discontent over Bulcke's loyalty to Schneider during that tough period, as well as Nestle's practice of making former CEOs chairmen, they said.