Sudden Shakeup at Nestle: CEO Mark Schneider Ousted, Veteran Laurent Freixe Takes Helm

Nestle CEO Mark Schneider was ousted unexpectedly due to poor company performance. Laurent Freixe, a long-time company veteran, takes over as CEO. Under Schneider’s tenure, Nestle faced declining sales and slower product development. The sudden leadership change has left investors unsettled, with shares falling 1.8% on Friday.

Nestle CEO Mark Schneider was ousted in a sudden decision by the world's biggest foodmaker, sources familiar with the matter told Reuters on Friday. Nestle announced Schneider's departure late Thursday, following a board meeting, and appointed company veteran Laurent Freixe as the new CEO, ending Schneider's nearly eight-year tenure.

The company provided no further details beyond comments from an investor call on Friday, where Chairman Paul Bulcke said the board and Schneider had mutually agreed to the change after assessing the current environment. Schneider did not respond to Reuters' requests for comment.

Nestle's shares hit a record high in January 2022 but have been declining since May 2023 due to a series of challenges. The board's decision to replace Schneider came after increasing concerns about weak sales growth, and slowing product development, and declining investor confidence.

(With inputs from agencies.)