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Stock impact report

Orior CEO Daniel Lutz to end decade-long stint [Yahoo! Finance]

NESTLE S.A S/ADR (NSRGY) 
NASDAQ:AMEX Investor Relations: nestle.com/investors
Company Research Source: Yahoo! Finance
The board of directors, together with Lutz, "has reached an agreement that the company's leadership should be placed in new hands", the Zurich-headquartered group said in a statement. Orior named Lutz, a former Nestle executive, as its CEO in October 2014. In August, the company tweaked its sales and margin guidance lower amid what Lutz said at the time remained a “challenging environment”. Orior, behind brands including Albert Spiess cold meats, Biotta juices and Pastinella pasta, experienced a nearly 24% fall in EBIT in the first half of the year to SFr12.8m ($14.6m), with the EBIT margin dropping 130 basis points to 4.1%. Net profit during the period was down 27% at SFr9.4m. Orior said today (7 November) it has started the recruitment process for a new CEO. In a statement, the board expressed gratitude to Lutz for his tenure, specifically for “the successful internationalisation of the Orior group and handling of the extraordinary situation during the Covid crisis”. Show less Read more
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