Nestle CEO says losing appetite for laggard brands
LONDON, June 4
LONDON, June 4 (Reuters) - Nestle, the world's largest food maker, has less ability to hold onto underperforming brands as its focus shifts to more scientific businesses such as medical nutrition and skin health.
Nestle Chief Executive Paul Bulcke said on Wednesday the company's newer businesses, which include aesthetic dermatology products, were more complicated than food and therefore required greater investment. As a result, Nestle has to cut off any "dead wood" brands.
Bulcke was speaking at an investor conference in Boston that was broadcast online. He also affirmed the company's full-year outlook, which calls for organic sales growth of around 5 percent.
(Reporting by Martinne Geller in London, editing by David Evans)