Besides her financial background, she is expert in consumer and branded goods category, Nestle said.
"I am confident that Wan Ling will blend well into the Nestle 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 Nestle model combining top-line growth with continuous margin improvement and an improved return on invested capital," Nestle CEO Paul Bulcke said. "Jim Singh has strong human qualities and is a highly respected professional. 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."
Lacking a 'Superstar CV'?
Martello will be the second person from outside the Swiss company to take the CFO post in less than a decade. Paul Polman, a former Procter & Gamble Co. executive and now head of Unilever, ran Nestle's finances from 2006 until early 2008.
"For a company of too many 'insiders' at senior level positions, this external perspective and experience could prove to be very useful at Nestle," Andrew Wood, an analyst at Sanford C. Bernstein, wrote in a note to investors that was quoted on Bloomberg News.
But unlike Thomas Russo of Garner Russo, Wood holds the view that "Martello does not have a superstar CV," and believes she may have taken a step back from a more senior position within Wal-Mart. While he's not "bowled over" by Martello's appointment, Wood also isn't giving a final judgment on it, he said.
Nestle may be trying to avoid a similar situation to that of former CFO Polman, who many investors had hoped would become CEO, Wood said.
"At first glance, Martello is far from the stature of Polman," Wood added in his note. "Somewhat cynically, perhaps Nestle considers that it learned its lesson last time and does not want the same again."
Nina Backes, a Nestle spokeswoman, declined to comment to Bloomberg on Wood's remarks.
Singh has been Nestle's chief financial officer since 2008 and has worked at the company for 35 years. During his tenure as CFO, Nestle sold its holdings in eye-care provider Alcon to Novartis AG for $39 billion, freeing up cash for acquisitions.
Nestle's announcement came after the close of trading in Zurich. Nestle shares rose 0.8 percent to 49.43 Swiss francs yesterday. The stock has dropped 9.7 percent this year, double the loss of the Stoxx 600 Food and Beverage Index of 28 companies.
With a market value of 163.1 billion Swiss francs ($181 billion), Nestle is Europe's second-most valuable company after Royal Dutch Shell Plc.
Martello's replacement hasn't been named, according to Lorenzo Lopez, a Wal-Mart spokesman.
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