Nestlé’s chairman’s recent resignation was prompted by growing investor pressure, with concern over falling share price and its former CEO.

It is understood that exiting chair Paul Bulcke’s decision to leave the food and drink manufacturing sector, revealed last month, was triggered by investor unease over the state of the business, reported Reuters.

Bulcke’s move to step down also came mere months after previous CEO Schneider was also replaced last August by current chief executive and Nestlé veteran Laurent Freixe, who has since embarked on a mission to transform the company.

Sources told the publication, Bulcke’s loyalty to the ousted Schneider was a cause for discontent among investors.

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“The time has been right for Mr. Bulcke to step aside for quite some time,” they added. “This was a clear sign that many investors did not appreciate him anymore.”

It is not the first time Nestlé has experienced investor pressure. Last year, the company managed to block a group of rebel shareholders, who urged Nestlé to stop selling so much chocolate.

The coup was stalled however, when the group, coordinated by investment NGO ShareAction,  secured just 11% of the FMCG’s shareholders to back the reforms.

Nestlé described the group’s actions as “disappointing and counterproductive“.

In February, the consumer goods giant reported a slight fall in profit and sales, as its CEO warned it had experienced a “challenging macroeconomic context and soft consumer environment”.