Nestle's New Leadership: Laurent Freixe Takes the Helm

Nestle has announced the replacement of CEO Mark Schneider with company veteran Laurent Freixe. Under Schneider, the company saw a mix of successes and struggles, particularly during the pandemic and recent economic challenges. Freixe, known for his marketing and sales expertise, aims to focus on core activities to rebuild market share.

Nestle is undergoing a leadership shift as CEO Mark Schneider steps down after eight years at the helm. The Swiss food giant has appointed Laurent Freixe, a long-time company veteran, to take over the CEO role. Schneider's tenure saw significant structural changes and a pandemic-driven boom, but recent economic challenges have affected company performance.

Freixe is expected to focus on Nestle's core activities to regain shopper loyalty and drive growth. The switch comes as Nestle faces stiff competition from rivals like Unilever and Danone, who have managed to navigate recent market fluctuations more successfully. Analysts highlight Freixe's strong marketing and sales background as a key asset in his new role.

Chairman Paul Bulcke emphasized the decision not to consider outside candidates, expressing confidence in Freixe's capability to lead the company. As Freixe steps into the position, his immediate challenges include turning around Nestle's health science unit and rebuilding its frozen food business in North America.

(With inputs from agencies.)