Swiss food and beverage company Nestlé has tapped Ulf Mark Schneider as the company’s next CEO.

Schneider—the 50-year old German and US citizen and CEO of health care company the Fresenius Group—will take over responsibilities from current CEO Paul Bulcke beginning Jan. 1. The company’s board of directors has proposed Bulcke to succeed Peter Brabeck-Letmathe as chairman. Brabeck-Letmanthe announced he will be retiring in April after 50 years with the company.

Nestlé says it intends on fully integrating both Nestlé Health Science S.A. and Nestlé Skin Health S.A. into the Nestlé organization reporting directly to the CEO of Nestlé S.A. starting in January. The company anticipates Schneider’s health care background will help accelerate its evolution into a nutrition, health and wellness company.

“I am honored and excited to have the opportunity to join Nestlé,” Schneider says. “This is a truly iconic global company with a proud heritage and tremendous future prospects. With consumers around the world taking a deeper interest in their personal health and wellbeing, Nestlé’s industry-leading global food and beverage business positions it well for advancing the vision of nutrition, health and wellness. I very much look forward to working with the Nestlé team and all Nestlé stakeholders as we continue to pursue this vision.”