"Nestle has fired CEO Laurent Freixe after just one year in the job following an investigation into an undisclosed romantic relationship, ousting its second chief executive in a year and throwing the Swiss food giant into its deepest leadership chaos in decades. Freixe's sudden dismissal followed an investigation into an undisclosed romantic relationship with a direct subordinate that breached Nestle's code of business conduct, Nestle said late on Monday."
"Freixe was replaced by Nespresso chief Philipp Navratil, a rising star at the world's largest food company as it battles slowing sales, the impact of United States tariffs and eroding investor confidence after years of underperformance. The Frenchman's predecessor Mark Schneider failed to cope with the challenge, and it cost him his job in August 2024. Paul Bulcke, CEO from 2008 to 2016, will step down as chairman in April"
Nestle dismissed CEO Laurent Freixe after one year following an investigation that found an undisclosed romantic relationship with a direct subordinate breached the company's code of business conduct. Philipp Navratil, head of Nespresso, replaced Freixe as CEO. Mark Schneider, the prior CEO, lost his position in August 2024. Paul Bulcke will step down as chairman in April and will be succeeded by Pablo Isla. Investors described the loss of two CEOs and a chairman in a year as historic. The new CEO must restore volumes, fix the business model, improve M&A execution, and prioritize emerging markets amid tariff-driven and demand pressures.
Read at www.aljazeera.com
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