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| - After more than 4 years as Chairman of Froneri, Luis Cantarell has expressed his desire to step down at the end of December 2020. Luis's strategic vision, in-depth knowledge of the Ice Cream business as well as his energizing and inspirational leadership were decisive factors in the forming and ensuing success of Froneri, a joint-venture partnership between Nestlé and PAI Partners created in September 2016. Under Luis's leadership, Froneri has achieved rapid sales and profit growth, steadily gaining market shares. With presence in 23 markets, a portfolio of iconic brands and an exceptional management team, Froneri is now well-placed to achieve global leadership in the Ice Cream category. To replace Luis, we are pleased to announce the nomination of Patrice Bula, currently Executive Vice President at Nestlé and a Supervisory Board Member of Froneri, and this since its creation. With a rich career spanning more than 40 years with Nestlé SA, of which the last 10 as Executive Vice President in charge of Strategic Business Units, Marketing and Sales and Nespresso, Patrice has the right experience and leadership for the role. Ibrahim Najafi, CEO of Froneri, commented "I have much admiration and respect for Luis whose strategic vision and tireless leadership were driving forces behind the creation of Froneri. Without him, we would not be here today. I wish Luis every happiness in his retirement and I look forward to working even more closely with Patrice on the opportunities ahead". Mark Schneider, Nestlé CEO said: "I would like to thank Luis for having done such an exceptional job as Chairman of Froneri, shaping this new Company into the winning organisation it is today. We are very happy that Patrice Bula has accepted to succeed Luis. He has the perfect profile for the job and I am sure his leadership will provide Froneri with the guidance it requires to continue its successful journey". Frédéric Stévenin, Managing Partner at PAI Partners commented: "Luis's leadership has been instrumental to the creation and success of Froneri. The business results speak for themselves and Luis can be very proud of such an achievement. Patrice has served as a Director on the Board of Froneri since its inception and knows the company well. We are confident that he is the right person to lead the Board." This change will take place as of 1st January 2021. -ends- About Froneri Froneri is a fast-growth international business with a vision to build the world's best ice cream company. A passionate challenger brand, we are building the market through a focus on ice cream, delivering value for retailers and consumers. Created in 2016 as a joint venture we are the second largest manufacturer of ice cream in the world, the second largest in Europe and the number one private label producer worldwide. We are present in over 23 countries with revenues of EUR2.7bn (2019) and over 13,000 employees worldwide. www.froneri.com View source version on businesswire.com: Contact Media enquiries: Victoria Cross +44(0)186 935 3810 victoria.cross@instinctif.com Guy Scarborough +44(0)7917 178 920 guy.scarborough@instinctif.com © 2020 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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