Nestle India finance chief David Steven McDaniel to step down in March 2023

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

After stepping down from his current position, McDaniel will be taking up a new assignment with Nestle Affiliate.

The company said that McDaniel would be replaced by Svetlana Boldina who is currently working as the Head of Finance and Control of Nestle Indonesia. Previously, Russian national Boldina has worked in the Nestle markets in Russia, Eastern Europe, and Indonesia (present).

“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 as quoted by PTI. 

Recently, the Nestle SA, the world’s largest food company, announced that it will spend ₹5,000 crore to build factories and research centres in India till 2025 as the growing middle class in Asia’s third-largest economy steps up spending on food and beverages. 

The new investments will also be used to build brands, said chief executive Mark Schneider, who was on a week-long visit to India, one of the top 10 markets for the Swiss company.

The fresh investments in India point to the company’s “accelerated” plan to ramp up its presence and give it the ammunition to compete with rival Unilever’s India unit as well as local giants such as ITC Ltd and Tata Consumer Products.

Nestle is doubling down on India, the world’s fastest-growing economy, as it confronts sluggish demand in Western markets hit by decades-high inflation. While food companies are more resilient to price shocks, sustained high inflation may force consumers to trade down to cheaper products.

(With PTI inputs)