"(Bloomberg) - Nestlé SA is turning to the executive who runs its Nespresso coffee empire to try and steady the world's largest food business after it was rocked by the second CEO firing in a little over a year. Philipp Navratil is taking over as chief executive officer at the Swiss company, after the exit of Mark Schneider for underperformance last year and Laurent Freixe on Monday for failing to disclose an affair with a direct subordinate."
"It's unprecedented turmoil for a company that has been renowned for its internal succession planning and staid corporate culture. Freixe's ouster "has left us shocked," RBC analysts including James Edwardes Jones said in a note. "We thought of him as a Nestlé lifer who would restore the company's reputation of slightly boring predictability. How wrong we were." The quick reshuffle raises the question of why Nestlé immediately appointed a permanent internal CEO,"
Philipp Navratil becomes chief executive officer of Nestlé following the departure of Laurent Freixe for failing to disclose an affair with a direct subordinate and the earlier exit of Mark Schneider for underperformance. Navratil, 49, joined Nestlé in 2001 and has extensive experience in Central America, the global coffee unit, Nescafé and the Starbucks license agreement, and became CEO of Nespresso in July 2024. The rapid internal appointment prompted investor concern and a 3.6% share decline, and analysts questioned why a broader candidate assessment was not conducted. A change of chairman is scheduled next year.
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