Nestlé USA, part of Nestlé S.A., Vevey, Switzerland, said it named Steve Presley, currently chief finance and strategic transformation officer, to succeed Paul Grimwood as market head and CEO, effective April 1, 2018. Grimwood will transition into the role of non-executive chairman of Nestlé USA, serving in that position until May 2019.

With $9.7 billion in 2017 sales, Arlington, Va.-based Nestlé USA is the largest of eight U.S. operating companies as part of Nestlé Group. It includes iconic brands across the Baking and Global Foods, Beverage, Foods and Ice Cream divisions.            

Presley began his career with Nestlé more than 20 years ago as a controller for the beverage factory in Suffolk, Va., the company said He held various roles within the Beverage division, including vice president of finance and vice president/general manager of premium ready-to-drink beverages.

In 2009, Presley was named president of Nestlé Business Services, and in 2013, he was appointed chief financial officer for Nestlé USA. In 2016, Presley's role was expanded to include leading Nestlé USA's strategic transformation, the company said; he is currently responsible for developing, implementing and leading new and innovative strategies that ensure the long-term growth of the company. Presley's replacement will be announced at a later date.

"Steve has played a critical role in driving the strategic transformation of Nestlé USA alongside Paul," said Laurent Freixe, Nestlé executive vice president and head of Zone Americas. "His powerful combination of deep commercial and financial expertise provides continuity and makes him ideally suited to lead Nestlé USA in the changing consumer marketplace.

“Steve's experience will prove invaluable in continuing to pursue new internal and external models to increase the speed of innovation, capitalize on M&A to seed our innovation machine, and create new income streams and capabilities," Freixe added.