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Nestl boss says he should have seen off rivals
NESTLE, the world’s biggest food group, should have reacted faster to competitors’ price cuts to avoid slowing sales, chief executive Paul Bulcke said in an interview.
Bulcke said the group, whose sales growth this year lagged that of competitors such as Unilever, Danone and Kraft Foods, should have seen the danger of losing market share to aggressive pricing by competitors earlier.
“Sometimes during the year we should have engaged faster to counter these actions… Sometimes we should have had more intensity in our reaction,” Bulcke told the Wall Street Journal.
However, the Nestle chief said the company’s long-term business plan remained intact, and had “traction” and “mileage”.