Nestlé CEO Mark Schneider has unexpectedly quit his post. The multinational, which is struggling with disappointing results, immediately appointed a successor.
Disappointing results
The Swiss giant says Schneider has decided to step down after heading the company for eight years, during which time he focused on growing categories such as coffee, pet food and health products. Results have been disappointing in recent quarters though, with the group seeing more consumers drop out due to ongoing food inflation. Schneider recently admitted that Nestlé was suffering from discount-seeking behaviour, as especially lower income earners feel the pressures of the cost-of-living crisis.”
Schneider’s successor is Frenchman Laurent Freixe, who has worked for the multinational since 1986 and has been a member of the executive committee for sixteen years. He is currently CEO of Nestlé Latin America, where he is achieving strong results. He previously headed zone Europe during the years following the 2008 financial crisis. Chairman Paul Bulcke called Freixe the “perfect choice” for Nestlé at this time, as he believes that the new CEO will find the right path towards consistent and sustainable value creation.
