Nestlé finance chief to retire, Walmart exec to step in

VEVEY, Switzerland — Nestlé EVP and CFO Jim Singh will retire in March 2012 after 35 years with the company.

Replacing Singh is Wan Ling Martello, who currently serves as Walmart's EVP global e-commerce of emerging markets. She will succeed Singh on April 1, 2012.

"Jim Singh has strong human qualities and is a highly respected professional," Nestlé CEO Paul Bulcke said. "Since I became CEO I have been able to appreciate the full extent to which Jim has been instrumental in steering Nestlé through these last challenging years. I am confident that Wan Ling will blend well into the Nestlé culture and that her strong experience in finance and the food and beverage business, both from the industry and retail angle, will allow her to further enhance the Nestlé model combining top-line growth with continuous margin improvement and an improved return on invested capital."