The Swiss conglomerate Nestle (NS: NEST) S.A. announced on Thursday that it had appointed veteran executive Laurent Freixe as the company's CEO, effective September 1, with current CEO Mark Schneider stepping down from his duties within the food and beverages multinational. It has also proposed Freixe as a candidate for election to the Board of Directors at the 2025 annual general meeting.
The leadership change came after rivals, including Unilever and Danone, had been driving sales volumes forward over the past two years, while Nestle lagged following a strong performance immediately after the pandemic and last month cut its full-year sales outlook.
According to Paul Bulcke, chairman of the Board of Directors, Freixe has demonstrated an ability to get things done in challenging market conditions.
"His curiosity drives his passion for innovation and for making a positive difference in the world. Laurent is the ideal person to lead Nestle at this time," said Bulcke.
In other news, Nestle reported Schneider has resigned as CEO and as a member of the Board of Directors.
He has reshaped the portfolio toward Nestle's strategy during his eight years with the firm and focused on fast-growing businesses like coffee, pet care, and nutritional health products, according to the company.
"I am grateful for what we have achieved, having transformed Nestle into a future-proofed, innovative, and sustainable business," Schneider said.
Freixe joined Nestle in France in 1986. He has been continuously moving up since then, taking different positions with increasing responsibility for various businesses, markets, and zones.
He is also a member of the Executive Board since the last 16 years and has played his part in strengthening the strategic direction and portfolio of the company.
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