Nestlé has dismissed its Chief Executive, Laurent Freixe, after revelations of an undisclosed relationship with a subordinate. The Swiss food giant described the move as necessary to protect its values and governance standards.
Philipp Navratil, CEO of Nespresso, has been appointed as Freixe’s successor. Nestlé Chairman Paul Bulcke expressed confidence in Navratil’s ability to drive growth and efficiency, despite recent financial challenges, including a 10.3% drop in first-half profits and a 25% fall in share price last year.
Nestlé, headquartered in Vevey, Switzerland, is known for brands such as KitKat, Nescafé, Purina, Maggi, and Gerber.
