Nestlé dismissed CEO Laurent Freixe after just one year in office due to an unclogged love relationship and named Philipp Navratil as his replacement in the latest change in leadership of the world’s largest food company.
An investigation revealed that Freixe had an unclogged relationship with a direct subordinate, according to a statement from the Swiss group released on Monday (1st). The investigation was conducted by President Paul Bulcke and independent director Pablo Isla, with the support of independent external consultants.
“This was a necessary decision,” said Bulcke, according to the statement. “Nestlé’s values and governance are our company’s solid foundations. I thank Laurent for the years of service.”
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Abrupt change increases the turbulence in Nestlé’s leadership. Freixe took over after the unexpected departure of Mark Schneider, who was removed due to slow performance during his almost eight years in office.
Freixe’s strategy was to revive growth and conquer consumers by increasing investments in advertising and betting on less but larger product initiatives.
He also began a strategic review of the brands of vitamins in trouble and dismembered Nestlé’s water business in an independent unit.
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Navratil, a veteran of the company over 20, joined the Executive Board earlier this year and was acting as CEO of Nespresso, Nestlé’s division.
Previously, he was a senior vice president and head of the Coffee Business Strategic Unit, where he was responsible for the Nescafé brand’s global strategy and the Starbucks licensing partnership.
“I fully hug the company’s strategic direction, as well as the action plan in force to boost Nestlé’s performance,” he said, according to Monday’s statement.
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