Helmut Maucher, who has combined the jobs of chairman and CEO of Nestle, the world's largest food company, said he will give up his CEO role in June, 1997. His successor-designate is Peter Brabeck, an Austrian, currently exec VP responsible for corporate marketing and corporate affairs. He is also in charge of food, Buitoni pasta, confectionery/ice cream, petcare and industrial products. Mr. Maucher said he will stay on as chairman until he reaches the mandatory retirement age of 72 in 2000.
Separately, Nestle USA has sold Wine World Estates, a $200 million business consisting of Beringer Vineyards and super premium wine estates such as Meridian Vineyards, Chateau Souverain and Napa Ridge. Buyer is an investment group led by Texas Pacific Group, formed by two former partners of Texas oil heir Robert Bass, and Silverado Partners, a group which includes former Wine World Estates President E. Michael Moone.