Overview

• Nestlé dismissed Laurent Freixe with immediate effect following a probe overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla with support from external counsel.
• The company said the undisclosed romantic relationship with a direct subordinate breached its Code of Business Conduct, and it did not identify the employee involved.
• Philipp Navratil, a more than 20-year company veteran who led Nespresso and previously the Coffee Strategic Business Unit, takes over as CEO effective immediately.
• Nestlé stated its strategic direction is unchanged and tasked Navratil with driving growth plans and efficiency efforts.
• Freixe’s removal after roughly a year extends leadership turnover following Mark Schneider’s ouster in 2024, while shares were little changed on Monday.