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Nestle India CFO David Steven McDaniel to step down

FMCG major Nestle India on Friday said its Executive Director – Finance & Control and Chief Financial Officer David Steven McDaniel will step down from March 1, 2023.

He would be replaced by Svetlana Boldina, currently Head of Finance and Control, Nestlé Indonesia, which would be subject to approvals, said a regulatory filing from Nestle India.

“David Steven McDaniel, Executive Director – Finance & Control and Chief Financial Officer, shall demit office effective from March 1 2023,” said Nestle India.

Also Read | Around 1,000 Nestle India factory staff plan one-day stoppage

McDaniel will be taking up a new assignment with a Nestlé Affiliate, it added.

Boldina, a Russian National, has worked in the Nestlé markets in Russia, Eastern Europe and Indonesia.

“The above proposal shall be placed before the audit committee and the board of directors of the company in the ensuing meetings for consideration, on the recommendation of the nomination and remuneration committee,” it added.

India is among top ten global markets of Nestle SA, a Swiss multinational food and and beverages conglomerate.

Last week, Nestle SA’s CEO Mark Schneider announced plans to invest Rs 5,000 crore in India in the next three-and-a-half years by 2025.

The investment would be in capex (capital expenditure), setting up new plants, acquisitions and expansion of the product portfolio of the company. 

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