January 22, 2018 / 2:26 PM / a year ago

Hedge fund Third Point pushes Nestle to do more faster -letter

BOSTON, Jan 22 (Reuters) - Billionaire investor Daniel Loeb praised consumer company Nestle’s chief but is keeping up the pressure with demands that the company move faster in overhauling its strategy.

“We hope now that Dr. Schneider has completed his first year and there is new blood on the Board, the company is able to move with greater alacrity,” Loeb wrote about CEO Mark Schneider in a letter to his own investors. A copy was seen by Reuters.

Loeb wants the company to buy back more of its stock more quickly and sell its stake in beauty business L’Oreal. (Reporting by Svea Herbst-Bayliss Editing by Chizu Nomiyama)

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