VEVEY, Switzerland -- The future of Nestle is firmly focused on nutrition, but you can count on indulging on a Kit Kat bar for years to come.
As 71-year-old Nestle Chairman Peter Brabeck-Letmathe prepares to depart after 48 years with the company, he said he expects the company will become the global leader in health and fitness, with the focus on nutrition continuing well into the future.
Speaking to CNBC in an interview in Paris in early November, Austrian-born Brabeck-Letmathe said during his 10-year tenure as CEO, he has championed a strategic shift toward nutrition, acquiring companies that have helped lead the way. Acquisitions will continue, he predicted, but he cautioned that takeover targets in the segment often are early-stage startups, requiring a longer lead time to success.
And despite heightened efforts to reduce sugar in some of its iconic sweets, some brands will always be sacred at Nestle's Vevey, Switzerland, headquarters, Brabeck-Letmathe said.
"The Kit Kat is a perfect example. There is nothing wrong with a nice Kit Kat. Now, should we have products with 60% sugar and palm oil? No, we should get rid of it. Those products have nothing to do with a nutrition and wellness company and we're eliminating those products one after another," he told CNBC. "Our priority is to adapt them, reformulate them by taking out sugar, salt and sodium, make them nutritionally good. If we can't do that, we should get rid of them. But Kit Kat will stay with us for many, many years."
Asked about his biggest regret over his long career, Brabeck-Letmathe revealed that his sweet tooth stretched to many corners of the Nestle empire. "When I started with Nestle I was an ice-cream salesman. We weren't able on our own to make ice cream a more successful segment. This is one of my emotional regrets."
Nestle also has named the former boss of German healthcare group Fresenius, Ulf Mark Schneider, as CEO, a further indication of the company's ongoing focus on nutrition.
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