Nestle India to replace Waszyk with Benet as CMD

Beverage and confectionery maker Nestle India on Friday announced a change in its top management, with the current chairman and managing director Antonio HelioWaszyk being replaced by Etienne Benet with effect from 1 October.

Waszyk will continue as the non-executive chairman of Nestle India, and also be assigned other responsibilities.

"Antonio Helio Waszyk, chairman and managing director, shall step down from the position of managing director to take up a new assignment within Nestle Group. He would continue to be the non-executive chairman of the company," the company stated in a filing with the Bombay Stock Exchange.

Benet is currently the chief executive officer of Nestle Central and West Africa region.

The Indian unit of the Switzerland-based company has always faced stiff competition from FMCG majors Hundustan Unilever, ITC and Cadbury in categories such as noodles, chocolates, and coffee.

The maker of Maggi noodles, KitKat chocolates and Nescafe in India reported a 7.7-per cent increase in net domestic sales in the first quarter of this calendar year as compared to the same period last year. Net profit increased by 1.2 per cent in the period.