Nestle has abruptly dismissed its CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate, the Swiss food giant said on Monday, a dramatic removal exactly a year after he took the reins.
The maker of products ranging from KitKat to Nesquik said that it had appointed veteran insider Philipp Navratil, who had headed the Nespresso coffee unit, as Freixe’s successor with immediate effect.
The shock departure threatens more volatility for Nestle amid a tough consumer environment and the disruptive U.S. trade tariffs.
Nestle said Freixe’s departure follows an investigation overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla into an undisclosed romantic relationship with a direct subordinate, which breached the company’s code of business conduct.
“This was a necessary decision,” Bulcke said in a statement. “Nestle’s values and governance are strong foundations of our company. I thank Laurent for his years of service.”
The firm announced in June that Bulcke, its long-standing chairman, would stand down next year.
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Author: Joe Weber
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