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Saturday, April 18, 2015

Nestle "House of Cards" : Hello Wan Ling Martello, Goodbye Nandu!

(Bloomberg) --
Wan Ling Martello, a former Wal-Mart Stores Inc. executive who’s been CFO of Nestle for three years, will replace Nandu Nandkishore, who is taking early retirement, as of May 1, the company said in a statement Friday. Martello’s replacement will be announced in “due course,” the maker of Nespresso coffee said.
Nandkishore has been on Nestle’s executive board since 2010 and previously headed its nutrition business.
Martello, 56, is an American citizen of Chinese and Filipino heritage.
“We respect Nandu Nandkishore’s decision and thank him for his dedicated service and important contributions over the last 26 years,” Chief Executive Officer Paul Bulcke said in the statement.
In the interim, Bulcke will assume the CFO responsibilities, helped by Stefan Helfenstein, head of accounting and reporting.
Resume:
Wan Ling Martello (1958, Philippines) is the CFO of Nestle, the world's largest food company. She succeeded Jim Singh, executive vice president and CFO, who retired in March, 2012. Martello is an American citizen of Chinese and Filipino heritage.
Education and training
Wan Ling has a Bachelor of Science degree in Business Administration and Accountancy from University of the Philippines-Diliman. She received her MBA from University of Minnesota.
Prior to her appointment at Nestle, she worked at Walmart Stores Inc. since 2005 where she had the following roles—Executive Vice President of Global eCommerce, Emerging Markets at Walmart, EVP, COO, Global eCommerce; and Senior Vice President, CFO & Strategy for Walmart International. Her financial experience includes work at NCH Marketing Services, Borden Foods Corp. and Kraft Foods, Inc. She is fluent in English, Mandarin, Hokkien Chinese, Tagalog. From Wikipedia
Nestle's Nandu Nandkishore
Breaking News:
Vevey, 17 April 2015 - Nandu Nandkishore, Executive Vice President in charge of Zone Asia, Oceania and Africa (AOA), has decided to take early retirement after a long and distinguished career with Nestlé. Nandu Nandkishore started his career at Nestlé in India in 1989, and after successive appointments in India, Indonesia and Nestlé Headquarters in Vevey, he was nominated market head of Indonesia and then of the Philippines. In 2010, he was appointed to the Executive Board, where he first served as global head of Infant Nutrition before taking on his current responsibilities.
Effective 1 May 2015, the Board of Directors has appointed Wan Ling Martello, currently CFO of Nestlé S.A., to succeed Nandu Nandkishore as Executive Vice President in charge of Zone AOA. Wan Ling Martello joined Nestlé in November 2011 from Walmart where she spent six years first as the CFO and Chief Strategy Officer for their International business, followed by two years building Walmart's Global eCommerce business. In addition to her retail experience, she also has extensive FMCG background, with Kraft as well as Borden Foods during its turnaround years. Wan Ling Martello is a Chinese American born and raised in the Philippines.
Nestlé CEO Paul Bulcke: "We respect Nandu Nandkishore's decision and thank him for his dedicated service and important contributions over the last 26 years. I have always valued his total commitment to our company and what we stand for. We wish him all the best for his future. Since joining Nestlé, Wan Ling Martello has successfully integrated into the company and has from the start made important contributions to its success. Her vast financial and operational experience in the FMCG industry, both from the manufacturing and retail angles, make her uniquely suited to lead Zone AOA into the future."
"All business depends upon men fulfilling their responsibilities." Mahatma Gandhi 
Gandhi's Seven Deadly Sins
Mohandas Karamachand Gandhi, one of the most influential figures in modern social and political activism, considered these traits to be the most spiritually perilous to humanity.
Wealth without Work
Pleasure without Conscience
Science without Humanity
Knowledge without Character
Politics without Principle
Commerce without Morality
Worship without Sacrifice
The NESTLE Philippines' Case Study
(This case evolved during the tenure of Nandu Nankishore as Nestle Philippines President)
Consider this case involving the Company and a distributor, Forefront IT Trading Corp., owned by Filipino investors who are now complaining of unfair and unethical business practices by their foreign partners. In a disgusting display of corporate bullying, the multinational refused to pay Forefront's more than P12 million in collectibles unless it signed a Release and Quit Claim dropping all other legitimate claims. This when a ranking official of the foreign firm had promised, verbally, the settlement of all just and reasonable claims.

The amount consisted of close to P1 million in withheld expanded value-added tax (EVAT) for 2007 that the multinational should refund to Forefront, plus P11.07 million representing performance incentives, advances made by Forefront for the company's promotional activities and cost of products taken back by the multinational.

The multinational allegedly took back the products in Forefront's possession after terminating the distributorship agreement when the latter protested the meddling and unprofessional conduct of the multinational's sales official assigned to it. The distributor had wanted a replacement.
It turned out that the multinational's sales official was carrying on an extramarital relationship with a Forefront executive, a married man. She exploited this relationship to secure unusually large orders of her employer's products and even slow-moving items that Forefront had to dispose of even at cost, even to the extent of forgoing profits. Santa Banana, she even succeeded in passing on to Forefront some poorly paying accounts not included in the original agreement. All these eventually resulted in huge losses to the distributor.
This came to a point where Forefront experienced difficulties in meeting its payroll, the 13th month pay for December 2007, and separation benefits for some 80 employees who had to go as a result of severe financial stress.
When advised of the affair and the resulting conflict of interest situation, the latter simply dismissed the matter as "a purely personal affair between two consenting adults," and ignored the request that their sales official be replaced. Yet, the multinational's own Corporate Business Principles and Code of Conduct states, among other things, that the company "requires its management and employees to avoid even the appearance of impropriety in its business relationships on behalf of the company."
Nestlé is committed to the following Business Principles in all countries, taking into account local legislation, cultural and religious practices:

1. Nutrition, Health and Wellness
Our core aim is to enhance the quality of consumers lives every day, everywhere by offering tastier and healthier food and beverage choices and encouraging a healthy lifestyle. We express this via our corporate proposition 'Good Food, Good Life'.

2. Quality Assurance and product safety
Everywhere in the world, the Nestlé name represents a promise to the consumer that the product is safe and of high standard.

3. Consumer Communication

We are committed to responsible, reliable consumer communication that empowers consumers to exercise their right to informed choice and promotes healthier diets. We respect consumer privacy.

4. Human rights in our business activities

We fully support the United Nations Global Compact’s (UNGC) guiding principles on human rights and labour and aim to provide an example of good human rights’ and labour practices throughout our business activities.

5. Leadership and personal responsibility
Our success is based on our people. We treat each other with respect and dignity and expect everyone to promote a sense of personal responsibility. We recruit competent and motivated people who respect our values, provide equal opportunities for their development and advancement, protect their privacy and do not tolerate any form of harassment or discrimination.

6. Safety and health at work
We are committed to preventing accidents, injuries and illness related to work, and to protect employees, contractors and others involved along the value chain.

7. Supplier and customer relations
We require our suppliers, agents, subcontractors and their employees to demonstrate honesty, integrity and fairness, and to adhere to our non-negotiable standards. In the same way, we are committed towards our own customers.

8. Agriculture and rural development
We contribute to improvements in agricultural production, the social and economic status of farmers, rural communities and in production systems to make them more environmentally sustainable.

9. Environmental sustainability
We commit ourselves to environmentally sustainable business practices. At all stages of the product life cycle we strive to use natural resources efficiently, favour the use of sustainably-managed renewable resources, and target zero waste.

10. Water
We are committed to the sustainable use of water and continuous improvement in water management. We recognise that the world faces a growing water challenge and that responsible management of the world’s resources by all water users is an absolute necessity.

Nestlé continues to maintain its commitment to follow and respect all applicable local laws in each of its markets.