Nestle Appoints Laurent Freixe as New CEO Amidst Sales Challenges

Long-serving executive Laurent Freixe is set to replace Mark Schneider as CEO of Nestle, effective Sept. 1. The leadership change comes as Nestle faces challenges in growing sales and regaining customer loyalty post-pandemic. Freixe, a Nestle veteran, has held various roles since joining the company in 1986.

Nestle is undergoing a leadership shake-up as long-serving executive Laurent Freixe is set to replace Chief Executive Mark Schneider, the company announced on Thursday. The change comes as Nestle grapples with the challenge of growing sales in a competitive market.

Schneider, who has led the world's largest packaged food company for eight years, decided to step down amid recent struggles to maintain post-pandemic growth. During his tenure, he transitioned Nestle from a category-led structure to five geographic businesses to navigate a cost-of-living crisis.

Freixe, a Nestle veteran, joined the company in 1986 and has held various pivotal roles, including managing Nestle's European business during the 2008 financial crisis. Effective Sept. 1, Freixe steps in with a pledge to build and strengthen Nestle amid ongoing market challenges.

(With inputs from agencies.)