SWITZERLAND - Stephen Phillips, former CFO at Nestlé UK, has been named head of Nestlé's pension department.

With the news, Phillips replaces Jean-Pierre Steiner, who has retired after nearly four decades with the company, a Nestlé spokesperson has confirmed to IPE.

Steiner had helped build pooling structures for the Swiss multinational food company and was named first chief executive at Nestlé Capital Advisers, the in-house pension asset manager created in 2006.

At Nestlé UK, Elizabeth Legge, former finance director with Nestlé Confectionery UK, has taken over as group finance director to replace Phillips.

She has also joined the board of directors at Nestlé's Ireland-based pension asset manager Robusta.