Nestle Names Laurent Freixe as New CEO in Major Leadership Shift

Nestle has announced that Laurent Freixe will replace Mark Schneider as CEO effective September 1. This leadership change comes amidst the company's struggle with the cost of living crisis affecting customers. Schneider steps down after eight years, with shares falling 8% in 2024 under his leadership.

Nestle is set to replace Chief Executive Mark Schneider with long-serving executive Laurent Freixe, the company announced on Thursday. This significant change comes as the world's largest foodmaker grapples with a cost of living crisis that is impacting its customers.

After eight years at the helm, Schneider will relinquish his roles as CEO and member of the Board of Directors, marking a pivotal moment for Nestle. Recently, the company cut its full-year sales outlook, citing the need to slow price hikes amid increasingly price-sensitive customers.

Shares in Nestle, which produces KitKat chocolate bars and Nescafe instant coffee, have dipped 8% in 2024, underperforming rivals such as Unilever, which saw gains of 29%. Freixe, a Nestle veteran of 37 years and a 16-year member of its executive board, will take over as CEO starting September 1.

(With inputs from agencies.)