Nestle, the world’s largest food and drink company, ousted its second CEO in about a year.
Laurent Freixe was fired for allegedly having an undisclosed romantic relationship with a subordinate.
Freixe took over as CEO last September after Nestle axed Mark Schneider.
“Nestlé’s Board of Directors today announces that Philipp Navratil has been appointed as CEO of Nestlé, S.A., following the dismissal of Laurent Freixe with immediate effect,” the company said in a statement.
“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 added.
“This was a necessary decision. Nestlé’s values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestlé.”
He continued: “I am pleased to announce Philipp Navratil as CEO. Philipp is recognized for his impressive track record of achieving results in challenging environments. Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style. 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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