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Nestlé Sacks CEO Over Code Violation
(MENAFN) Swiss food giant Nestlé announced on Monday the dismissal of CEO Laurent Freixe following an internal investigation into a previously undisclosed romantic relationship with a direct subordinate. The firm stated that Freixe’s conduct violated Nestlé’s code of business conduct.
In a formal statement, the company confirmed the immediate replacement of Freixe with Philipp Navratil as the new chief executive officer.
Chairman Paul Bulcke emphasized the rationale behind the move: “This was a necessary decision. Nestle's values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestle.”
Bulcke also expressed confidence in Navratil’s leadership, saying the board is “confident” the new CEO will advance the company’s growth initiatives and speed up efficiency improvements.
Philipp Navratil, a Nestlé veteran since 2001, began his career as an internal auditor and has held multiple senior positions, including leading the Coffee Strategic Business Unit and heading Nespresso. He joined the company’s executive board earlier this year in January.
In a formal statement, the company confirmed the immediate replacement of Freixe with Philipp Navratil as the new chief executive officer.
Chairman Paul Bulcke emphasized the rationale behind the move: “This was a necessary decision. Nestle's values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestle.”
Bulcke also expressed confidence in Navratil’s leadership, saying the board is “confident” the new CEO will advance the company’s growth initiatives and speed up efficiency improvements.
Philipp Navratil, a Nestlé veteran since 2001, began his career as an internal auditor and has held multiple senior positions, including leading the Coffee Strategic Business Unit and heading Nespresso. He joined the company’s executive board earlier this year in January.
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