Swiss food giant, Nestlé, has dismissed its CEO, Laurent Freixe, with immediate effect following an investigation into an “undisclosed romantic relationship with a direct subordinate.”
In a statement issued on Monday, the company said the decision was necessary to uphold its values and governance principles.
Chairman Paul Bulcke, who oversaw the investigation alongside lead independent director panel Isla and external counsel, thanked Freixe for his decades of service.
Freixe, who joined Nestlé in 1986, had served in various senior roles across Europe and Latin America before being appointed CEO in September 2024.
Following his exit, the board announced that Philipp Navratil, former CEO of Nespresso, has been appointed as Nestlé’s new chief executive
“The board is confident that he will drive our growth plans forward and accelerate efficiency efforts. We are not changing course on strategy, and we will not lose pace on performance, ”Bulcke stated.
Navratil, who began his Nestlé career in 2001, previously led operations in Central America and Mexico before heading global strategy and innovation for Nescafé and Starbucks brands. He pledged to continue the company’s strategic direction and action plan.
The leadership shape-up comes at a challenging time for the multinational, which recently reported a 10.3 per cent drop in half-year profits amid weak consumer spending in China and higher input costs.
Nestlé shares closed slightly higher on the Swiss stock exchange following the announcement.
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