The Swiss food group Nestlé ($NESN (-0,54%) ) has dismissed CEO Laurent Freixe with immediate effect. The move follows an investigation into an undisclosed "romantic relationship" between Freixe and a female employee who reported directly to him, the company announced in Vevey.
The Board of Directors saw Freixe's behavior as a violation of the Nestlé Code of Conduct and internal guidelines, according to the statement. "This was a necessary decision," said Nestlé Chairman Paul Bulcke. He thanked Freixe for his many years of service to Nestlé.
The Board of Directors appointed Nespresso boss Philipp Navratil as the new CEO. The Board emphasized that the strategic direction would remain unchanged, but that the aim was to increase the pace of growth and efficiency.
Navratil has been with Nestlé for 24 years. He began his career with the company in 2001 in Internal Audit. A year ago, he was appointed head of Nespresso. Navratil has been a member of the Executive Board since the beginning of January.
Nestlé does not come to rest
For Nestlé, this is the next abrupt change of leadership in a comparatively short space of time. Freixe only took the helm at Nestlé in September 2024, replacing the German manager and former Fresenius ($FRE (-0,78%)) CEO Mark Schneider at the time.
With around 277,000 employees, Nestlé is the largest food company in the world. According to its own figures, the company sells more than 2,000 brands in 185 countries and has a market capitalization of more than 200 billion euros. The share price has performed poorly in recent years, prompting criticism from investors.
