Nestle Names Laurent Freixe as New CEO Amidst Sales Struggles

Nestle announced that CEO Mark Schneider will step down, to be replaced by company veteran Laurent Freixe. This leadership change comes as Nestle faces challenges in growing sales. Despite some past successes, recent struggles have led to investor concerns. Freixe aims to focus on core activities and improve market performance.

On Thursday, Nestle revealed that Mark Schneider is stepping down as the company's CEO, a role he has held for eight years. Company veteran Laurent Freixe will take over amid the Swiss food giant's efforts to navigate its recent sales challenges.

Schneider's tenure saw Nestle's highest share prices in January 2022, but a recent downturn in sales and investor confidence has prompted the leadership change. Freixe, who has been with Nestle since 1986, plans to focus on core activities while potentially considering mergers and acquisitions.

Industry analysts highlighted Freixe's extensive marketing and sales experience as crucial for Nestle's future. The strategic shift aims to regain consumer loyalty and address underperforming segments like the frozen food business in North America.

(With inputs from agencies.)