Third Point Management Activist Presentation Deck
ORGANIZATION STILL TOO INSULAR
→ Board led by prior CEO Paul Bulcke
Bulcke presided over long period of underperformance, seems too comfortable with the status
quo, and may be holding up the pace and magnitude of change
→ Limited changes to Executive Board since appointment of new CEO
Current Executive Board also oversaw period of underperformance and lacks fresh perspectives
* Most notable executive change under Schneider has been internal promotion in key US market
After years of disappointing performance, Nestlé (rather than hiring an outsider) promoted US
CFO Steve Presley to CEO and US CEO Paul Grimwood to Non-Executive Chairman
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Source: Third Point LLC
THIRD POINT
Nestle
ORGANIZATION WOULD BENEFIT FROM
MORE OUTSIDER PERSPECTIVES
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