Nestlé SA announced Feb. 20 that Steve Presley will become the CEO and market head of its U.S. division, effective April 1.

Presley will succeed Paul Grimwood, who will remain as Nestlé USA's non-executive chairman until May 2019. Grimwood will give advice on matters concerning stakeholder relations.

Prior to his appointment, Presley was CFO and chief strategic transformation officer of Nestlé USA.

The parent company said that Presley's successor as CFO will be announced at a later date.