Nestle SA, the world's biggest food company, named Wal-Mart Stores Inc. executive Wan Ling Martello as chief financial officer to succeed Jim Singh, adding an outsider to a company run by veterans.
Martello, 53, will take charge in April after Singh, 65, retires, Vevey, Switzerland-based Nestle said in a statement yesterday. Martello is currently Wal-Mart's executive vice president of global e-commerce and emerging markets and previously held posts at Kraft Foods Inc. and Borden Foods Corp.
The U.S. citizen of Chinese and Filipino heritage will join a board whose 12 other executives have almost three centuries combined of experience working at Nestle. She will be the second person from outside the Swiss company to take the CFO post in less than a decade. Paul Polman, a former Procter & Gamble Co. executive and now head of Unilever, ran Nestle's finances from 2006 until early 2008.
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