Kidwai to exit Nestle SA board before Sep '06

HSBC India CEO Naina Lal Kidwai will step down from the board of Nestle SA before the company's next board meeting in September.

"Regulatory approval has been given (by the Reserve Bank of India for Kidwai's appointment) subject to her resigning from her post as a non executive director of Nestle SA. We will be complying with the regulatory requirement before the company's next board meeting," an HSBC statement today said.