Laurent Freixe Appointed as New CEO of Nestle Amid Struggles

Nestle has appointed Laurent Freixe as its new CEO, replacing Mark Schneider. The leadership change comes as Nestle grapples with sales slowdown and increased price sensitivity among customers. Freixe, a company veteran, aims to focus on core brands to revive the company's fortunes.

In a significant leadership shift, Nestle has appointed Laurent Freixe as its new CEO, replacing Mark Schneider, the Swiss food conglomerate announced on Thursday. Schneider is stepping down after eight years at the helm and during a challenging period for the world's largest packaged food company.

Schneider, who led a strategic shift by reorganizing Nestle's business structure in response to the COVID-19 pandemic, has seen the company's shares drop by 8% in 2024. This comes amid a series of price hikes that led to a decline in customer loyalty, unlike rivals such as Unilever, which managed to stabilize its product prices.

Freixe, a Nestle veteran since 1986, emphasized his commitment to centralize efforts on core brands, although he did not rule out mergers and acquisitions (M&A). His tenure begins September 1, bringing extensive experience in managing Nestle's operations across various global markets.

(With inputs from agencies.)