Sir Eddie joining Nestle board

FORMER Bank of England Governor Sir Edward George has agreed to join the board of Nestle, his second non-executive directorship in a week.

George, who retired from Threadneedle Street in June, starts as a consultant to the food group immediately and is set to join the board at the annual meeting next April.

Last week he said he was joining the board of Grosvenor Group, the Duke of Westminster's private property firm.

George, 65, could be paid around £200,000 for the two jobs, one headhunter said.

Nestle spokesman Marcel Rubin said George had been hired because of his 'very important capabilities and competencies'. Pay for an ordinary non-executive director at Nestle is Swfr262,500 (£119,000), Rubin said.

Swiss-based Nestle is the world's biggest food maker with brands including Nescafe, Gold Blend, Perrier and Purina petfood. Its sales last year were Swfr89.2bn.

George will sit on the Nestle board alongside Lord Simpson, the sacked Marconi chief. George has said he wants to spend a quarter of his retirement time working and devote most of the rest to his manor house and garden in Cornwall.