Nestlé on Monday confirmed that it has dismissed chief executive Laurent Freixe, after he was found to have breached the company's code of business conduct for having an "undisclosed romantic relation" with a direct subordinate.
Nestlé chair Paul Bulcke and lead independent director Pablo Isla, with the support of external counsel, were investigating the matter.
The Swiss-based multinational, in a press release, said that dismissing Freixe was a necessary decision and announced his successor.
"The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé's Code of Business Conduct. In line with best practice corporate governance, the Board ordered an investigation overseen by Chairman Paul Bulcke and Lead Independent Director, Pablo Isla, with the support of independent outside counsel," the company said in a press release.
"This was a necessary decision," Bulcke said in a statement. "Nestlé's values and governance are strong foundations of our company. I thank Laurent for his years of service."
Freixe, a Nestlé veteran of four decades, was appointed CEO only last September, after the sudden ouster of his predecessor, Mark Schneider. His exit comes less than a year into his tenure, marking another leadership shake-up for the world's largest food and beverage group, whose brands include KitKat, Nespresso and Häagen-Dazs.
Nestlé announces Freixe's successor
Nestlé has appointed Philipp Navratil as Freixe's successor. A company insider who joined in 2001 as an internal auditor, Navratil has held leadership roles across Central America and Mexico before moving into the group's coffee division in 2020. He took charge of Nespresso in mid-2024 and became a member of the executive board this January.
On being chosen for the CEO position, Navratil said, "I am honoured by the trust the Board has placed in me, and it is a privilege to take on the responsibility of leading Nestlé into the future. I fully embrace the company's strategic direction, as well as the action plan in place to drive Nestlé's performance. I look forward to working closely with the entire leadership of the company, in alignment with the Board, Chairman Paul Bulcke, and Chairman-Designate Pablo Isla, to accelerate execution and to drive the value creation plan with intensity."
Bulcke, said Navratil was "renowned for his dynamic presence" and praised his "collaborative, inclusive management style." He added: "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."
Nestlé chair Paul Bulcke and lead independent director Pablo Isla, with the support of external counsel, were investigating the matter.
The Swiss-based multinational, in a press release, said that dismissing Freixe was a necessary decision and announced his successor.
"The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé's Code of Business Conduct. In line with best practice corporate governance, the Board ordered an investigation overseen by Chairman Paul Bulcke and Lead Independent Director, Pablo Isla, with the support of independent outside counsel," the company said in a press release.
"This was a necessary decision," Bulcke said in a statement. "Nestlé's values and governance are strong foundations of our company. I thank Laurent for his years of service."
Freixe, a Nestlé veteran of four decades, was appointed CEO only last September, after the sudden ouster of his predecessor, Mark Schneider. His exit comes less than a year into his tenure, marking another leadership shake-up for the world's largest food and beverage group, whose brands include KitKat, Nespresso and Häagen-Dazs.
Nestlé announces Freixe's successor
Nestlé has appointed Philipp Navratil as Freixe's successor. A company insider who joined in 2001 as an internal auditor, Navratil has held leadership roles across Central America and Mexico before moving into the group's coffee division in 2020. He took charge of Nespresso in mid-2024 and became a member of the executive board this January.
On being chosen for the CEO position, Navratil said, "I am honoured by the trust the Board has placed in me, and it is a privilege to take on the responsibility of leading Nestlé into the future. I fully embrace the company's strategic direction, as well as the action plan in place to drive Nestlé's performance. I look forward to working closely with the entire leadership of the company, in alignment with the Board, Chairman Paul Bulcke, and Chairman-Designate Pablo Isla, to accelerate execution and to drive the value creation plan with intensity."
Bulcke, said Navratil was "renowned for his dynamic presence" and praised his "collaborative, inclusive management style." He added: "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."
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