The company has appointed longtime insider Philipp Navratil as Freixe’s successor with immediate effect. The decision comes after an investigation into an unrevealed romantic relationship with a “direct subordinate,” with breached the firm’s code of business conduct. Read on to know more.
Laurent Freixe was a veteran at the food giant.
Swiss conglomerate Nestle has dismissed its chief executive officer (CEO) Laurent Freixe over his failure to disclose a romantic relationship with a company employee, the food and drinks giant said on Monday. The Vevey-headquartered company has appointed longtime insider Philipp Navratil as Freixe’s successor with immediate effect. Nestle’s decision on Freixe comes after an investigation into an unrevealed romantic relationship with a “direct subordinate,” with breached the firm’s code of business conduct.
What did Nestle say on Laurent Freixe’s removal?
Nestle chairman Paul Bulcke said it was “a necessary decision,” adding: “Nestle’s values and governance are strong foundations of our company. I thank Laurent for his years of service.” Bulcke, who oversaw the probe into Freixe’s relationship along with lead independent director Pablo Isla, further said: “We are not changing course on strategy and we will not lose pace on performance.” Freixe, who worked with Nestle for nearly 40 years since 1986, took the role of CEO one year ago, on September 1, 2024.
Who is new Nestle CEO Philipp Navratil?
Freixe’s successor Navratil started his career with Nestle in 2001 as an internal auditor. He held various commercial roles in Central America before being appointed country manager for Nestle Honduras in 2009. He took over leadership of the company in Mexico in 2013, and moved to Nestle’s coffee business unit in 2020. Navratil took charge of the Nespresso brand in July 2024 and joined the Nestle executive board on January 1 this year. “I fully embrace the company’s strategic direction, as well as the action plan in place to drive Nestle’s performance,” said Navratil.